But Ms Brainard also said the G20 must not let countries manipulate their exchange rate.
"We support the effort to reinvigorate growth and to end deflation in Japan, " said Ms Brainard.
On my near right is Lael Brainard, Under Secretary of the Treasury for International Affairs.
"But such worries are receding as she (Ms Brainard) said she supports Japan's efforts to end deflation, " he added.
MS. BRAINARD: The economic side of the trip obviously is very important.
We also have Lael Brainard, Under Secretary of the Treasury for International Affairs, and Mike McFaul, the U.S. Ambassador to Russia.
Let me turn it over to Danny Russel to go into more detail on the policy, and then to Lael Brainard.
Brainard, one of the most astute analysts of contemporary global financial affairs.
Ms Brainard is not known for having grand policy initiatives or big ideas, but she would be a safe pair of hands.
"The G20 needs to deliver on the commitment to move to market-determined exchange rates and refrain from competitive devaluation, " said Ms Brainard.
Dr. Brainard maintains that reform efforts over the past decade in countries like Poland, Hungary, and Yugoslavia have floundered because conventional economic stabilization programs have failed to tackle bank reform.
"The lessons of Minnesota and Colorado will be interesting, but they also won't be considered absolute guidance, " says Keith Brainard, research director for the National Association of State Retirement Administrators.
Analysts said that the support from US Treasury Under Secretary Lael Brainard, especially ahead of the meeting of the G20 group of nations later this week, had helped allay those fears.
And then, a follow up for Ms. Brainard as well, do you feel as though the Vice President will have to defend the U.S. and its position on debt and deficit?
The dollar jumped to a high of Y94.42 after Lael Brainard, the top US Treasury official for international affairs, restated US support for monetary stimulus in Japan but warned against competitive devaluation.
And next week there will be announcements on progress in a number of areas, including financial regulatory reform, international financial architecture issues that Under Secretary Brainard will talk about, but also other global issues as well.
As Lawrence Brainard of Bankers Trust has said, the IMF and the World Bank will likely be ineffective in Poland because they do not attack structural defects, only the economic symptoms such as inflation, subsidies, and deficits.
And in his conversations, and obviously the conversations that Secretary Geithner as well as Brainard and others have had with their counterparts, they've discussed how some of those lessons that we learned here might be applied in Europe.
With us today, we have National Security Advisor to the Vice President Tony Blinken, Senior Director for Asian Affairs on the national security staff Danny Russel, and Undersecretary for International Affairs at the Department of Treasury Lael Brainard.
Ms Brainard's comments follow remarks earlier in the day from the head of Germany's influential Bundesbank, who warned eurozone politicians to stay away from talking down the euro, arguing that any policy to weaken the currency would lead to higher inflation.
The Mayor of Carmel, Jim Brainard, has become America's evangelist-in-chief on the matter, demolishing 78 sets of traffic lights and replacing them with those round islands so familiar to drivers in the UK. Four more will be finished in the coming months.
The eurozone crisis was very much a topic of conversation, especially at the G8, and those conversations continue, both at the highest levels as well as at the level of the Secretary of Treasury and other officials -- Lael Brainard from Treasury and others.
Some insiders have suggested to me that Mr Obama might plug this gap by promoting Lael Brainard, the Treasury's senior international official, to be Mr Lew's deputy, with an understanding that she would now take the lead in the administration on most international economic issues.
MS. BRAINARD: If you reflect on how the world is growing right now, obviously it is critically important for the continued sustainability and greater balance in global growth for the emerging markets that have capacity, that have untapped domestic demand to be able to play a greater role as consumers in some of the advanced economies including the U.S. build back their balanced sheets.
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