The coordinated intervention by the Group of Seven major industrialized economies contained the risk that a strengthening yen after Japan’s devastating earthquake would damage the economic recovery, U.S. Treasury Secretary Timothy Geithner said Friday after a bilateral meeting with the Japanese finance minister.
Speaking through an interpreter, Finance Minister Yoshihiko Noda said the G-7 intervention was “very significant and effective.”
Mr. Geithner said, “I think it is very important that we were able to come together as the G-7 in exceptional circumstances a few weeks ago a help Japan contain the risk that a sharp appreciation of the yen would damage the recovery.”
“And it was a good sign of the world’s support for Japan and the capacity of the major economies to come together … and do something useful for the global economy,” he said.
Neither official responded to a question about whether Japan was seeking, or the G-7 would approve, another intervention.
Mr. Noda thanked Mr. Geithner for responding to Japan’s request for a coordinated intervention: “Secretary Geithner was so kind … to quickly respond to our request.”
“We wanted by all means to avoid the situation whereby the further appreciation of our currency would further negatively impact the Japanese economy,” Mr. Noda said. “That situation was well appreciated by the G-7 countries … the joint consultative intervention done in the market by the G-7 countries was significant and effective,” he added.
Mr. Noda said Japan wants to emerge from the tragedy “as an even better and strong country and we would like to once again start to make a great contribution to the global economy.”
Mr. Geithner said, “We feel this tragedy deeply as Americans,” and that the U.S. has great admiration and confidence “in the basic strength and resilience and of the Japanese people and in the Japanese economy.”
Source: http://blogs.wsj.com
Speaking through an interpreter, Finance Minister Yoshihiko Noda said the G-7 intervention was “very significant and effective.”
Mr. Geithner said, “I think it is very important that we were able to come together as the G-7 in exceptional circumstances a few weeks ago a help Japan contain the risk that a sharp appreciation of the yen would damage the recovery.”
“And it was a good sign of the world’s support for Japan and the capacity of the major economies to come together … and do something useful for the global economy,” he said.
Neither official responded to a question about whether Japan was seeking, or the G-7 would approve, another intervention.
Mr. Noda thanked Mr. Geithner for responding to Japan’s request for a coordinated intervention: “Secretary Geithner was so kind … to quickly respond to our request.”
“We wanted by all means to avoid the situation whereby the further appreciation of our currency would further negatively impact the Japanese economy,” Mr. Noda said. “That situation was well appreciated by the G-7 countries … the joint consultative intervention done in the market by the G-7 countries was significant and effective,” he added.
Mr. Noda said Japan wants to emerge from the tragedy “as an even better and strong country and we would like to once again start to make a great contribution to the global economy.”
Mr. Geithner said, “We feel this tragedy deeply as Americans,” and that the U.S. has great admiration and confidence “in the basic strength and resilience and of the Japanese people and in the Japanese economy.”
Source: http://blogs.wsj.com
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