G-8 finance ministers
, who are meeting in Marseilles in southern France on Saturday, will also review the $20 billion support pledge made in May at a meeting in Deauville, a resort town in northern France.
G-8 finance ministers
preparing to give rosier economic view
Other major agenda items at the G-8 finance ministers
meeting will be reform of international financial organizations, climate change and development aid, according to Japanese officials.
The dollar was firm in Tokyo at the lower to mid-108 yen level as investors believed that the G-8 finance ministers
agreed on the need to prevent dollar weakness against major currencies, dealers said.
A crucial moment is expected to come in June, when Japan hosts the meeting of G-8 finance ministers
Silence from G-8 finance ministers
about the dollar's slide against other major currencies in their weekend statement helped propel the dollar's decline, dealers said.
Makoto Utsumi, president of Japan Credit Rating Agency Ltd., said the G-8 finance ministers
are expected to agree on indirect controls on hedge funds this time.
The introduction of regulations on hedge funds will be included in a report after a meeting of G-8 finance ministers
in Frankfurt on June 12, and will be included in a declaration to be released June 20 after the summit, the paper said.
The two-day meeting is scheduled to start Friday evening with a working dinner, at which the G-8 finance ministers
will meet their counterparts from five African nations -- South Africa, Nigeria, Ghana, Mozambique and Cameroon, the German government said.
Prior to a two-day G-8 finance ministers
' meeting beginning in the evening, Steinbrueck told reporters that he expects the hedge funds industry to agree on ''a code of conduct'' by the time the G-8 leaders' summit convenes June 6 to 8 in Heiligendamm, Germany.
The G-8 finance ministers
reached the conclusion based on a report submitted to them by the Financial Stability Forum, an expert panel headed by Bank of Italy Governor Mario Draghi.
Germany, which hosts the G-8 finance ministers
' meeting, is also keen to highlight climate change as one of the top items on the agenda.