Group of Seven financial ministers and central bank governors will likely discuss the economic and financial developments that are behind recent currency moves at their meeting this weekend, Bank of Japan Governor Masaaki Shirakawa said on Friday.

Compared with the G20, the G7 consists of members that have major financial markets. That's why it's easier for the G7 to be a forum for discussing the foreign exchange market, Shirakawa told reporters upon his arrival in Istanbul.

Finance ministers and central bank governors from the G7 -- the United States, Japan, Germany, France, Britain, Italy and Canada -- will meet in Istanbul on Saturday on the sidelines of meetings of the International Monetary Fund and World Bank.