G7 finance chiefs address global economic uncertainty as US debt crisis looms
The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock, which was made no mention of the statement, Xinhua news agency reported.
Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following US bank failures. In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they "need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook."
The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock, which was made no mention of the statement, Xinhua news agency reported.
"We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system," said the statement.
G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.
The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.
The meeting was held in the runup to the G7 leaders` summit in Hiroshima from May 19 to May 21.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Shark Tank India: This startup gets blank check offer as revenue soars 10 times in 15 months, resulted in clash between judges
Hindustan Unilever, Polycab India and 3 other stocks can offer up to 50% return in 1 year - Check targets by brokerage
40,000 pension per month: How to get Rs 40,000 as pension every month by investing in NPS? Know the calculation
EDLI Scheme: Do you know EPFO provides Rs 7 lakh insurance cover to every member? Know about calculation, contribution, and claim process
Top 5 large and mid cap SIP mutual funds in 5 Years: Rs 20,000 SIP in top fund has given a total of Rs 28.22 lakh
05:48 PM IST