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G7 Finance Ministers Pledge Joint Effort to Steady Global Markets

Finance leaders from the world's wealthiest nations have agreed to try to limit the impact of recent financial turmoil, but they say the global economy faces growing threats from U.S. credit and housing problems.

The world leaders from the United States, Britain, Canada, France, Germany, Italy and Japan warned during a Group of Seven meeting in Tokyo Saturday that the U.S. economy may slow further, risking global growth. In a statement following the meeting, they pledged to work together to secure stability in volatile global markets.

The group stopped short of proposing concrete remedies to protect global growth. But it urged oil-producing nations to boost output and encouraged China to allow more flexibility in the value of its currency, the yuan.

Finance leaders also called for investment in developing countries to help them fight climate change. The group said it discussed a proposal to provide financial support to developing countries to help them address global warming.

Exchange rates are usually a prominent topic at G7 meetings, but the current global economic downturn overrode that issue.

U.S. Treasury Secretary Henry Paulson says the global economy faces downside risks that are "serious and persisting." After he met with his counterparts from Britain, Canada, France, Germany, Italy and Japan, Paulson issued a statement saying it will take time to work through the financial turmoil.

Some information for this report was provided by AFP.

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