U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS The United States, which has long sought Japanese action to stimulate its economy, appears to be satisfied Tokyo's latest package is a major development and allows leading industrial nations to reaffirm their agreement to stabilize currencies. Monetary sources said they believed that U.S. Treasury Secretary James Baker considered Tokyo's package, announced yesterday, to be a major stimulation of the Japanese economy. But yesterday's statement by seven leading industrial powers endorses the yen's rise from around 153 to the dollar, the level at the February 22 Paris Accord, to about 145 today. And the initial reaction of currency markets in the Far East demonstrates that financial markets are unconvinced that currencies yet reflect economic fundamentals, even though the countries appear to do so. The yen sank below 145 at one point despite intervention by the Bank of Japan. Kiichi Miyazawa, Japan's Finance Minister, said the movement since Paris was consistent with currency trading ranges the nations agreed to defend in the February talks. "I would say that what has happened (to the yen) in the past several weeks was not outside the range we agreed to in the discussions in Paris," Miyazawa said yesterday. The supplementary budget worth about 34.48 billion dlrs was announced by the ruling Liberal Democratic Party on the eve of Miyazawa's departure for Washington, to attend yesterday's meetings of leading industrial nations. In a strongly worded statement terming the Japanese action "extraordinary and urgent", the meeting reaffirmed the Paris Accord by noting that current exchange rates are within ranges broadly consistent with fundamentals, or economic reality. The Group of Seven -- the United States, Japan, West Germany, France, Britain, Italy and Canada -- therefore repeated their willingness to continue close cooperation to foster exchange rate stability. The cooperation agreement has resulted in concerted central bank intervention of 8 billion to 9 billion dlrs to halt the dollar's fall. While relatively unsuccessful, the scale of intervention between so many nations is unprecedented in recent years. Monetary sources also said they understood that Secretary Baker considered the meeting to be extremely successful in the light of the Japanese announcement. They also said there was a growing feeling among the finance ministers and central bankers that cooperation over medium-term policies has replaced the bickering over short-term differences in past meetings. West Germany, whose currency has not risen anything like the yen since the Paris Agreement, appears from the face of yesterday's statement to have won acceptance from other countries that its exchange rate is acceptable. Bonn's finance minister Gerhard Stoltenberg argues that major currency shifts needed to remedy the huge imbalance between West Germany and Japan's trade surpluses and America's trade deficit have already taken place. No mention was made, however, of the U.S. commitment to cut the budget deficit even though it is implied in the reafffirmation of Paris. European nations and Japan believe deficit cuts are essential to curbing the record U.S. trade shortfall that reached nearly 170 billion dlrs last year. A similar argument was made on Capitol Hill earlier this week by Federal Reserve Board chairman Paul Volcker. A further sharp fall to redress trade imbalances would "clearly pose substantial risks of renewed inflationary momentum and could undermine confidence in future financial stability," he said. Volcker warned a further dollar fall might force the politically independent Fed to drive up interest rates. Monetary sources said that, privately, West Germany welcomed the rise in the yen against the dollar while its own currency remained relatively stable against the U.S. unit. Bonn and other European nations worry that once the weak dollar blunts Tokyo's export drive to the United States, the Japanese monolith will concentrate on European markets. The ministers, meanwhile, also continued talks on making their policy coordination more binding and one, Canadian Finance Minister Michael Wilson, said good progress was made. Wilson said they will meet before the June Economic Summit to prepare a report for the leaders of the seven nations. The United States and France, backed by the International Monetary Fund, want the seven to agree on ranges or "norms" for a limited number of economic objectives such as growth, inflation, monetary conditions, trade balances and current account balances. Sharp deviations from these guidelines would result in consultations between the countries on whether corrective action should be required. But the inclusion of currencies as one of the objectives has Bonn and London worried, monetary sources say, because it implies Washington is moving in the direction of target zones. The sources said the Reagan administration unsuccessfully sounded out its allies on a system of target zones to limit currency fluctuations just before the February meeting. The concept is a much more rigid one than the secret ranges of the Paris Accord and would mark a sharp departure from the relatively free currency markets of recent years.