Eyes on Forex at APEC Meeting in Kyoto, Japan

Asia-Pacific finance ministers are gathering in Kyoto to hammer out a sustainable growth plan for the region amid a still fragile economic and market environment.

The 21 member APEC economies make up over half the world's GDP, about 44 percent of its trade and 40 percent of its population.

Bill English, finance minister of one of APEC's smaller economies, New Zealand, say the sometimes-contentious issue of currencies will definitely be on the agenda in Kyoto.

[Bill English, Finance Minister, New Zealand]:
"There's certain to be discussion about currency policies because it's affecting everybody. We are caught ourselves between the policies of the U.S. and the U.K. that depreciates their currencies on the one hand and the other hand, the Chinese currency isn't appreciating as fast as would suit us."

The Kyoto meeting is not expected to focus on the impact of currency appreciation, but discussion of balanced growth strategies -- regardless of national agendas -- and free trade is expected.

An agreement to shun competitive currency devaluation at a Group of 20 nations' meeting in South Korea last month raised hopes of greater cooperation.

[Bill English, Finance Minister, New Zealand]:
"I think there's a growing sense that whatever other political differences there may be, they are more easily managed if we are participating in a region that's got the features of free trade, strong growth and openness to other people's investment."

The meeting comes on the heels of a monetary easing in the U.S., as well as a mid-term election that may make it more difficult for the Obama administration to push forward with freer trade, including a pending FTA pact with South Korea.