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G20 summit to focus on ‘currency war’ threat to economy

Posted By yihan On February 17, 2013 @ 6:15 am In Money Watch | Comments Disabled

Russell Lynch
The Idependent [1]
February 17, 2013

Japan’s aggressive attempts to spur on its struggling economy were set to escape censure from the G20 nations today as bickering in Moscow kept alive fears of a “currency war”.

Finance ministers at the G20 gathering are understood to have pulled back from explicit criticism of Japan, whose prime minister Shinzo Abe has embarked on a huge programme of monetary and fiscal stimulus to jump start the world’s third largest economy out of its third recession in five years.

The currency market was thrown into turmoil this week after the G7 – the United States, Japan, Germany, Britain, France, Canada and Italy – issued a joint statement warning against using domestic policy to target currencies.

But the show of unity was immediately shattered by off-the-record briefings against Japan, which needs a weaker yen to help fuel its export-driven economy.

Full story here. [1]


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URLs in this post:

[1] The Idependent: http://www.independent.co.uk/news/business/news/g20-summit-to-focus-on-currency-war-threat-to-economy-8497633.html?origin=internalSearch

[2] Report: Chinese economy will overtake U.S. within four years: http://www.prisonplanet.com/report-chinese-economy-will-overtake-u-s-within-four-years.html

[3] China overtakes Japan as world’s second-largest economy: http://www.prisonplanet.com/china-overtakes-japan-as-worlds-second-largest-economy.html

[4] Britain will be the ONLY major economy to fall into recession this year, experts claim: http://www.prisonplanet.com/britain-will-be-the-only-major-economy-to-fall-into-recession-this-year-experts-claim.html

[5] Dollar supremacy, 1945 story: Sarkozy: http://www.prisonplanet.com/dollar-supremacy-1945-story-sarkozy.html

[6] Get in line or get out of the eurozone, EU tells Greeks as Cameron warns of ‘global storm’ threat to Britain’s economy: http://www.prisonplanet.com/get-in-line-or-get-out-of-the-eurozone-eu-tells-greeks-as-cameron-warns-of-global-storm-threat-to-britains-economy.html

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