United States Warns Japan to Stick to Rules over Currency Value
On Wednesday, Japan was warned by the United States that when it comes to its currency, it should stick to the rules. Thus, the US set the stage for G7 finance ministers' potentially uncomfortable meeting outside London.
During the Friday-Saturday meeting, Japanese Finance Minister, Taro Aso, said that the G7 was not having any particular problem. According to him, the viewpoint of Japan was gaining deeper understanding.
On the other hand, Jack Lew, U. S. Treasury Secretary, affirmed that Japan was since long facing growth issues. The country was encouraged to address the same. Thus, growth was a major issue given that they stayed in the bounds of those international agreements.
Besides, Bank of Japan Governor, Haruhiko Kuroda, said that their monetary stimulus was focused at achieving 2% inflation. They were looking for balanced economic growth as the same was likely to increase prices, gradually. According to him, currency moves were just one factor.
Mr. Lew added that the country could not only be headed by the United States for a global recovery. Countries in Europe had higher fiscal space that could create slightly more economic growth and economic demand.
"We explained at the G7 that Japan took bold monetary and fiscal action to end prolonged deflation, with the government and the Bank of Japan working closely together", said Taro was quoted as saying.
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