ID :
162464
Sun, 02/20/2011 - 11:32
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Shortlink :
https://www.oananews.org//node/162464
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Japan happy with G-20 deal on global economic imbalances
PARIS, Feb. 19 Kyodo -
Japanese Finance Minister Yoshihiko Noda hailed Saturday an agreement by the Group of 20 leading economies on global economic imbalances, saying a broad accord was reached.
Referring to an envisioned schedule of drawing up a mutual assessment plan to reduce economic imbalances through November, when the G-20 leaders gather for the summit in France, Noda told a news conference after the two-day ministerial meeting in Paris, ''As a start toward November, we had good discussions.''
He declined to unveil the detail negotiation process on the matter, saying the agreed set of tools is in line with what Tokyo wanted.
Noda also indirectly urged China and other emerging economies to keep working together on forming the mechanism to tackle economic imbalances.
''Since all major countries in the (international) system, including Japan, will certainly be told'' what needs to be improved, ''we don't have to worry'' about their cooperation, he said.
The G20 finance ministers and central bank governors agreed Saturday on a set of indicators including public debt and fiscal deficits, and private savings rate and private debt. The G-20 statement added that the external imbalances composed of the trade balance and net investment income flows and transfers are also included, while consideration is given to exchange rate, fiscal, monetary and other policies.
As for rising commodity prices, Noda said that the G-20 members agreed to launch a study group led by Bank of Japan Executive Officer Hiroshi Nakaso to conduct analysis in the markets.
BOJ Governor Masaaki Shirakawa told the same news conference that France, which chairs the G-20 this year, asked Japan to do the job and Tokyo accepted.
The G-20, representing about 85 percent of world output, groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
Japanese Finance Minister Yoshihiko Noda hailed Saturday an agreement by the Group of 20 leading economies on global economic imbalances, saying a broad accord was reached.
Referring to an envisioned schedule of drawing up a mutual assessment plan to reduce economic imbalances through November, when the G-20 leaders gather for the summit in France, Noda told a news conference after the two-day ministerial meeting in Paris, ''As a start toward November, we had good discussions.''
He declined to unveil the detail negotiation process on the matter, saying the agreed set of tools is in line with what Tokyo wanted.
Noda also indirectly urged China and other emerging economies to keep working together on forming the mechanism to tackle economic imbalances.
''Since all major countries in the (international) system, including Japan, will certainly be told'' what needs to be improved, ''we don't have to worry'' about their cooperation, he said.
The G20 finance ministers and central bank governors agreed Saturday on a set of indicators including public debt and fiscal deficits, and private savings rate and private debt. The G-20 statement added that the external imbalances composed of the trade balance and net investment income flows and transfers are also included, while consideration is given to exchange rate, fiscal, monetary and other policies.
As for rising commodity prices, Noda said that the G-20 members agreed to launch a study group led by Bank of Japan Executive Officer Hiroshi Nakaso to conduct analysis in the markets.
BOJ Governor Masaaki Shirakawa told the same news conference that France, which chairs the G-20 this year, asked Japan to do the job and Tokyo accepted.
The G-20, representing about 85 percent of world output, groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
