Still, he was careful to downplay expectations for the meeting. "My hope is these continuing discussions will help move the process forward. The point is the world is going through a difficult time and Asia's problems are affecting the rest of the world.

It's critical that Japan get on track as quickly as possible," he said. Rubin said he didn't expect Japan to bring any ideas or planned actions to the table that hadn't been discussed before. "This is an opportunity to discuss issues and move things forward as we prepare for the meeting between (Japan's) prime minister and the president in two weeks."

He said it's critically important that Japan andother nations facing economic difficulties adopt sound policies.

"The important thing is for countries to stay on a sensible economic path as the world works through a very difficult time. What Japan does is very important to the rest of the world," Rubin said.

Speaking on Russia's economic problems and what the United States and the International Monetary Fund can hope to accomplish, Rubin stressed solving Russia's problems will take a great deal of time and effort. "The well being of Russia is of enormous importance to the rest of the world. That's why the world is supporting the IMF.

Everyone knew there was a reasonable chance (the IMF's proposals) might not work.

"Unfortunately, Russia hasn't adopted the reforms it needs, but we need to work with them to see they adopt the reforms," Rubin said. Turning to the state of the U.S. economy, Rubin said all the fundamentals look solid.

He also said it's very important that the House of Representatives approve the $18 billion IMF aid package that hasalready been given the nod by the Senate. "We need to maintain fiscal discipline and get IMF funding so it can respond if there are problems in the rest of the world," he said.