G-7 vows cooperation on financial crisis,

The Group of Seven major economies on Monday vowed to work together to protect the crisis-hit financial system and fired a warning shot to currency traders over the surging yen.But their efforts did little to stem the market turmoil. Asian stocks suffered fresh losses, with Japan's Nikkei plunging to a 26-year low, while the yen resumed its ascent towards a 13-year high against the dollar.Unless the G7 takes "drastic steps" such as joint market intervention to sell the yen, the currency is unlikely to come down, said Kenichi Yumoto, vice head of forex trading at Societe Generale in Tokyo.In a brief joint statement, the G7 finance ministers and central bankers reaffirmed their "shared interest in a strong and stable international financial system."They voiced concern about "excessive volatility" in the yen and its "possible adverse implications for economic and financial stability.”"We continue to monitor markets closely and cooperate as appropriate," said the statement, which mentioned no other currencies and was issued while US and European markets were shut.Dealers said it appeared to be a Japanese initiative that reflected growing concern here that the soaring yen will push Asia's economy into a deep downturn. (Source news Afp, Tokyo)