Seven major industrialized countries are drafting a...

Seven major industrialized countries are drafting a joint statement declaring that further erosion in the U.S. currency is undesirable, Japan’s Kyodo News Service reported. Quoting Finance Ministry sources it did not identify, Kyodo said the statement, being prepared by the United States, Japan, Britain, West Germany, France, Italy and Canada could be issued this week, depending on how the foreign exchange market reacts to details of budget deficit-cutting legislation under negotiation in the U.S. Congress. The U.S. budget and trade deficits have been blamed for the dollar’s recent sharp fall.