WRAPUP 1-Japan raises prospect of G7 statement as dlr falls

(For more stories on the Japanese economy click [ID:nECONJP])

* Japan finmin refuses specific comment on intervention

* Banking min says intl coordination may be needed

* Govt, BOJ were checking dlr/yen rates in morning - sources

By Stanley White

TOKYO, Nov 27 (Reuters) - Japan's finance minister raised the prospect of a Group of Seven joint statement on currencies to cool the yen's rally as the dollar tumbled to a 14-year low against the yen on Friday.

In a sign Tokyo was stepping up its warnings of the chance of currency intervention, market sources said the government and the Bank of Japan had been checking dollar/yen rates with commercial banks in the morning.

The greenback slumped to a low of 84.82 yen JPY= as investors shunned riskier assets due to concerns about Dubai's debt problems, but it pared its losses after comments by Finance Minister Hirohisa Fujii. [ID:nGEE5AO2FN]

"I would respond flexibly to a joint statement on currencies," Fujii told reporters after a cabinet meeting.