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G-20 agrees to take «timely» action to mitigate risks: Japan

13 April 2019 13:32

WASHINGTON. KAZINFORM Finance chiefs of the Group of 20 major economies on Friday affirmed the need to take "timely" policy action to better cope with downside risks in the world economy, Bank of Japan Governor Haruhiko Kuroda said.

Speaking after a two-day meeting in Washington, Kuroda said each G-20 nation "needs to ensure it will take steps to mitigate risks, not to heighten them," citing policy uncertainties such as an escalation in trade tensions between the United States and China, as well as deterioration in corporate sentiment, Kyodo News reports.

While the G-20 broadly agreed the global economy is likely to rebound in the second half of this year from the slowdown since the latter half of 2018, Kuroda said, "We shared the recognition that each country needs to take timely policy action depending on their own circumstances."

The BOJ chief led the meeting with Finance Minister Taro Aso. Japan has taken the presidency of the group for the first time and Prime Minister Shinzo Abe will host a G-20 summit on June 28 and 29 in Osaka.

Aso said the balance of risks to global growth "remains skewed to the downside," alluding to a possible escalation of trade tensions, a potentially disorderly exit of Britain from the European Union and the chance of a sudden sharp tightening of global financial conditions.

The G-20 finance ministers and central bank governors "reaffirmed that all policies choose to support strong, sustainable, balanced and inclusive growth to be used in a timely fashion," Aso said at a joint news conference with Kuroda.

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Keywords: World News, Economy,