Japan hopes to win global support for its fight against deflation when finance chiefs from the Group of Seven major economic powers gather in Paris over the weekend, but financial experts believe that Tokyo will be hard-pressed in achieving its goal.
As the two-day meeting of the G7 nations will likely center on the adverse economic effects of a possible U.S.-led war against Iraq, Finance Minister Masajuro Shiokawa and Bank of Japan Gov. Masaru Hayami are expected to try to draw attention to Japan's antideflation efforts on the sidelines of the discussions, according to financial experts.
The experts said Shiokawa and Hayami will probably try to spotlight Tokyo's plight by pointing out that all countries face a risk of deflation amid the uncertain geopolitical climate and global economic slowdown.