Makoto Utsumi, a former top currency official at the Finance Ministry, said he doesn't see the need for joint interest-rate cuts and coordinated intervention to support the dollar by the United States, Europe and Japan.
"There was and will be no chance for a coordinated rate cut," Utsumi, who led Japan's currency policy from 1989 to 1991 as vice finance minister for international affairs, said in a Friday interview in Tokyo. He said joint dollar buying is unlikely "at least for the next several months."
Finance ministers and central bankers from the Group of Seven nations will meet Friday in Washington amid mounting speculation that policymakers may agree on joint action to stabilize world financial markets. Asian stocks and U.S. index futures fell Monday as deteriorating credit markets prompted European governments to pledge bailouts for troubled banks.