ID :
206423
Sat, 09/10/2011 - 20:30
Auther :
Shortlink :
https://oananews.org//node/206423
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Azumi says G-7 understands Japan's concern about yen's hike
MARSEILLE, France, Sept. 10 Kyodo -
Japanese Finance Minister Jun Azumi said Friday he raised the issue of the strong yen and that his fellow Group of Seven financial leaders understood Tokyo's concerns over its negative impact on the economic recovery after the devastating earthquake and tsunami in March.
''While the pace of recovery after the disaster is faster than expected with the automobile industry already in full operation, the strong yen could dampen the recovery,'' Azumi told a news conference after a G-7 meeting in the French port city of Marseille.
Azumi said he feels other G-7 participants showed understanding of Japan's position that the yen's appreciation is affecting the economic recovery and that Tokyo will take decisive steps to stem speculative movements in the currency market.
''No country voiced objection to my explanation (at the G-7 meeting),'' Azumi said, adding he did not ask for coordinated currency interventions to curb the strength of the yen.
The finance minister, who took office last week with the launch of new Prime Minister Yoshihiko Noda's Cabinet, also emphasized that all G-7 economies need to promote fiscal consolidation.
''Although fiscal policy should be implemented by considering its effect on the economy, I firmly believe U.S. and European members also shared the view that we cannot achieve growth without restoring fiscal health,'' Azumi said.
Policymaking without the premise of fiscal consolidation will result in turbulence in financial markets, he said.
Turning to the situation at home, Azumi reiterated that he plans to raise the consumption tax rate from the current 5 percent to 10 percent by the middle of the current decade as part of a comprehensive reform of tax and social security systems.
Touching on the planned third extra budget to finance reconstruction from the March disaster, Azumi said he will try to secure revenue sources so as not to pass the burden onto the next generation.
Azumi, who hails from quake-hit Miyagi Prefecture, also said he expressed gratitude for support from the G-7 members.
The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United states.
2011-09-11 01:39:30
Japanese Finance Minister Jun Azumi said Friday he raised the issue of the strong yen and that his fellow Group of Seven financial leaders understood Tokyo's concerns over its negative impact on the economic recovery after the devastating earthquake and tsunami in March.
''While the pace of recovery after the disaster is faster than expected with the automobile industry already in full operation, the strong yen could dampen the recovery,'' Azumi told a news conference after a G-7 meeting in the French port city of Marseille.
Azumi said he feels other G-7 participants showed understanding of Japan's position that the yen's appreciation is affecting the economic recovery and that Tokyo will take decisive steps to stem speculative movements in the currency market.
''No country voiced objection to my explanation (at the G-7 meeting),'' Azumi said, adding he did not ask for coordinated currency interventions to curb the strength of the yen.
The finance minister, who took office last week with the launch of new Prime Minister Yoshihiko Noda's Cabinet, also emphasized that all G-7 economies need to promote fiscal consolidation.
''Although fiscal policy should be implemented by considering its effect on the economy, I firmly believe U.S. and European members also shared the view that we cannot achieve growth without restoring fiscal health,'' Azumi said.
Policymaking without the premise of fiscal consolidation will result in turbulence in financial markets, he said.
Turning to the situation at home, Azumi reiterated that he plans to raise the consumption tax rate from the current 5 percent to 10 percent by the middle of the current decade as part of a comprehensive reform of tax and social security systems.
Touching on the planned third extra budget to finance reconstruction from the March disaster, Azumi said he will try to secure revenue sources so as not to pass the burden onto the next generation.
Azumi, who hails from quake-hit Miyagi Prefecture, also said he expressed gratitude for support from the G-7 members.
The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United states.
2011-09-11 01:39:30
