A U.S. proposal to set a numerical current account target is not likely to gain support from members of the Group of 20 nations as it is widely viewed as unrealistic, sources said Friday.
The U.S. has proposed that countries should seek to limit the size of the current account surplus or deficit to 4 percent of their gross domestic product as a way to address the global imbalance.
Government sources said most G-20 member countries are showing negative reactions to the U.S. proposal, adding that pinpointing a specific country's foreign exchange policy may be excluded in a communique.
Foreign media said Japanese Finance Minister Yoshihiko Noda told a group of reporters that the U.S. demand for setting a trade target is
"unrealistic."
Finance ministers and central bank governors from the Group of 20 advanced and emerging nations are set to kick off the two-day meeting later in the day in this city of Gyeongju to fine-tune key agenda items including the contentious currency issue ahead of the Seoul gathering of their political leaders in November.
A sharp division surrounding the currency row underscores the difficulty in finding middle ground on the issue amid concerns that a prolonged tussle is feared to hurt the world economic recovery.