Reply To:
Name - Reply Comment
Last Updated : 2024-05-11 00:43:00
International Monetary Fund (IMF) Managing Director Christine Lagarde (C) walks past a lantern at a photo session of the G7 Finance Ministers and Central Bank Governors’ Meeting in the hot spring town in Sendai yesterday
AFP - Divisions over reigniting global growth were set to surface at the G7 in Japan yesterday, with US Treasury Secretary Jacob Lew expected to stand firm over any action threatening a currency war.
Two days of talks will see host Japan keen to win an endorsement for its position that fiscal stimulus is the way to kickstart the world economy, after a rally in the yen hit exporters and worsened a slowdown at home.
But Tokyo’s recent threat of a market intervention to reverse the rally could put it on a collision course with its G7 counterparts, including the United States and Germany which have ruled out such moves.
As well as Lew, who is joined at the high-level meetings by Federal Reserve chief Janet Yellen, French Finance Minister Michel Sapin has also waved off the idea of countries gaining a trade advantage by manipulating their own currencies.
“Today we are in a cooperation phase, and not in an intervention or a currency war phase,” he told AFP. The G7 group -- also including Britain, Canada, and Italy -- will try to hammer out a strategy for keeping a global recession at bay.
In April, the International Monetary Fund cut its forecast for world growth for the third time in less than a year, as a slowdown in China and other emerging economies raised fears that the worst was yet to come.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
2 hours ago
2 hours ago
7 hours ago
09 May 2024
09 May 2024