ID :
206424
Sat, 09/10/2011 - 20:34
Auther :
Shortlink :
https://oananews.org//node/206424
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Azumi takes up yen's rise in his 1st talks with Geithner
MARSEILLE, France, Sept. 10 Kyodo -
Japanese Finance Minister Jun Azumi raised Tokyo's concern about the current strength of the yen against the U.S. dollar and other major currencies in his meeting Saturday with U.S. Treasury Secretary Timothy Geithner, a Japanese official said.
During their first bilateral talks since Azumi took office last week, Azumi told Geithner although Japan's recovery of supply chain disruptions stemming from the catastrophic earthquake and tsunami in March has been quicker than expected, he is ''very concerned'' about the negative effect of the yen's appreciation on the economy, the official said.
Azumi was quoted by the official as telling Geithner, ''I believe Mr. secretary is well aware of it. I hope you understand the situation.''
The official declined to reveal whether Geithner made any response to Azumi's remarks.
The Japanese finance minister made similar remarks at the Group of Seven financial meeting on Friday, but other G-7 members did not react.
The bilateral talks, which lasted for only 15 minutes, took place prior to a finance ministers' gathering of the Group of Eight countries and several nations in the Middle East and North Africa.
Azumi also briefed Geithner about Japan's plan to promote fiscal consolidation by raising the consumption tax rate from the current 5 percent to 10 percent in stages by the mid-2010s, the Japanese official said.
Geithner also explained to Azumi about a $447 billion project to create jobs and boost economic growth which was announced Thursday by President Barack Obama.
The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States. The G-8 is the G-7 plus Russia.
Japanese Finance Minister Jun Azumi raised Tokyo's concern about the current strength of the yen against the U.S. dollar and other major currencies in his meeting Saturday with U.S. Treasury Secretary Timothy Geithner, a Japanese official said.
During their first bilateral talks since Azumi took office last week, Azumi told Geithner although Japan's recovery of supply chain disruptions stemming from the catastrophic earthquake and tsunami in March has been quicker than expected, he is ''very concerned'' about the negative effect of the yen's appreciation on the economy, the official said.
Azumi was quoted by the official as telling Geithner, ''I believe Mr. secretary is well aware of it. I hope you understand the situation.''
The official declined to reveal whether Geithner made any response to Azumi's remarks.
The Japanese finance minister made similar remarks at the Group of Seven financial meeting on Friday, but other G-7 members did not react.
The bilateral talks, which lasted for only 15 minutes, took place prior to a finance ministers' gathering of the Group of Eight countries and several nations in the Middle East and North Africa.
Azumi also briefed Geithner about Japan's plan to promote fiscal consolidation by raising the consumption tax rate from the current 5 percent to 10 percent in stages by the mid-2010s, the Japanese official said.
Geithner also explained to Azumi about a $447 billion project to create jobs and boost economic growth which was announced Thursday by President Barack Obama.
The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States. The G-8 is the G-7 plus Russia.
