G-7 ISSUES STATEMENT AFTER MEETINGFollowing is the text of a statement by the Group of Seven -- the U.S., Japan, West Germany, France, Britain, Italy and Canada -- issued after a Washington meeting yesterday
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The finance ministers and central bank governors of seven major industrial countries met today
    They continued the process of multilateral surveillance of their economies pursuant to the arrangements for strengthened economic policy coordination agreed at the 1986 Tokyo summit of their heads of state or government
    The managing director of the International Monetary Fund also participated in the meeting
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The ministers and governors reaffirmed the commitment to the cooperative approach agreed at the recent Paris meeting, and noted the progress achieved in implementing the undertakings embodied in the Louvre Agreement
    They agreed, however, that further actions will be essential to resist rising protectionist pressures, sustain global economic expansion, and reduce trade imbalances
    In this connection they welcomed the proposals just announced by the governing Liberal Democratic Party in Japan for extraordinary and urgent measures to stimulate Japan's economy through early implementation of a large supplementary budget exceeding those of previous years, as well as unprecedented front-end loading of public works expenditures
    The government of Japan reaffirmed its intention to further open up its domestic markets to foreign goods and services
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The ministers and governors reaffirmed the view that around current levels their currencies are within ranges broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting
    In that connection they welcomed the strong implementation of the Louvre Agreement
    They concluded that present and prospective progress in implementing the policy undertakings at the Louvre and in this statement provided a basis for continuing close cooperation to foster the stability of exchange rates
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