NEW YORK (Bloomberg) — The yen and dollar rose against most of their major counterparts on speculation US efforts to end the recession and the financial crisis will fall short, spurring demand for the currencies as havens.

The currencies gained more than three percent versus the South African rand and Swedish krona this week as a lack of detail in the US Treasury's financial recovery plan encouraged investors to repatriate funds. Finance ministers and central bankers of the Group of Seven major industrial nations said in a draft statement yesterday that "excess volatility and disorderly movements" in exchange rates should be avoided.

"The stimulus package is not what people were hoping for," said Alan Kabbani, a senior currency trader at Wachovia Corp. in Charlotte, North Carolina. "They need to find a way to fix the banking industries. So far, we haven't heard that, which means there's more risk in the market, which is good for the yen and the dollar."

The yen gained 0.4 percent to 118.37 versus the euro last week, from 118.85 on February 6. The dollar appreciated 0.6 percent to $1.2862 per euro from $1.2940. The US currency was little changed at 91.93 yen, compared with 91.89.

Chile's peso was the biggest gainer against the dollar last week among the 177 currencies tracked by Bloomberg, advancing 6.2 percent to 578.27 after the central bank cut the target lending rate on February 12 by 2.5 percentage points to 4.75 percent, the sharpest reduction in at least a decade.

Russia's ruble posted its largest weekly rally against the dollar since December 1998 after Bank Rossii raised its interest rate twice in 10 weeks on loans secured with bonds or other collateral through repurchase auctions in an attempt to force banks and companies to convert foreign currency. The ruble gained 4.5 percent to 34.6007 versus the dollar this week.

G-7 officials will continue to monitor currency markets closely and cooperate as appropriate, finance ministers and central bankers meeting in Rome said in the draft statement.

"We may see a much weaker yen in the weeks ahead," said Brian Dolan, chief currency strategist at FOREX.com, a unit of online currency trading firm Gain Capital in Bedminster, New Jersey.

Since late October, when the G-7 expressed concern about the yen's "excessive gains", the currency climbed one percent. The yen appreciated 23 percent against the dollar in 2008, hurting overseas profits for such exporters as Toyota Motor Corp.

The yen climbed 3.9 percent to 9.245 versus the South African rand and 3.1 percent to 11.003 against Sweden¿s krona this week on speculation Japanese investors are selling higher- yielding assets and repatriating funds as the global recession deepens. Japan's target lending rate of 0.1 percent compares with 10.5 percent in South Africa and one percent in Sweden.

The US House passed a $787 billion economic stimulus package on Friday after lawmakers worked out last-minute disagreements over executive compensation and taxes. The Senate planned to approve the package and send it to President Barack Obama for signing.

Treasury Secretary Timothy Geithner, speaking on February 11 before the Senate Budget Committee, defended his strategy of taking time to work out the details of a plan to shore up the financial industry.

The dollar rallied 2.7 percent to 65.75 US cents per Australian dollar and 3.4 percent to 8.3818 kronor last week as investors sought refuge in the world's reserve currency.