Japan's Kan: G7 unlikely to discuss euro support

By MarketWatch TOKYO (MarketWatch) -- Japan's finance minister, Naoto Kan, told reporters Friday that a Group of Seven finance ministers' telephone conference later in the day was likely to focus on Greece's debt turmoil and unlikely to include any talk of joint intervention to support the euro, according to reports. "I don't think the talk will proceed along the line" of reaching an agreement to intervene to buy the euro, Kan said at a regular news conference, according to Dow Jones Newswires. "I don't think there will be a request for intervention." He reportedly added that he expects the dollar to gradually stabilize against its Japanese counterpart. In Tokyo trading around midday, the euro was buying $1.2707, up from $1.2639 late Thursday, a day on which it fell to a 14-month low against its U.S. counterpart. The dollar rose to 92.43 yen, up from 90.44 yen late Thursday.