May 11, 2013 9:32 AM

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G7 begins meeting outside London on global economic challenges

The two-day meeting in Aylesbury, London, is also being attended by top representatives from the European Union and International Monetary Fund. The meeting began a day after the dollar cracked the 100 yen level for the first time in four years, marking a 30 percent climb since last September as Japan sharply expanded its stimulus program, aiming to pull out of deflation. The fall in the Japanese currency has given its domestic economy a boost. But economic rivals are worried that the Bank of Japan has deliberately sought to push down the yen's value to gain international competitiveness. Japanese Finance Minister Taro Aso defended the policy on Friday before leaving Tokyo for the G7 meeting.

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