character initialization using hexadecimal

The following specification is accepted by the compiler:

      CHARACTER*1 FALSE/Z'00'/, TRUE/Z'01'/

but is not accepted in the next case:

CHARACTER(LEN=1), PARAMETER :: FALSE=Z'00', TRUE=Z'01'

 v9synchk.for(102): error #6957: This is an illegal data type value for this parameter.   [Z'00']
      CHARACTER(LEN=1), PARAMETER :: FALSE=Z'00', TRUE=Z'01'