Arab Today, arab today japan hits back at critics at davos
Last Updated : GMT 12:49:24
Arab Today, arab today
Arab Today, arab today

Japan hits back at critics at Davos

Arab Today, arab today

Arab Today, arab today Japan hits back at critics at Davos

Tokyo - AFP

Japan's economy minister on Saturday hit back at critics of Tokyo's new economic policies, saying they did not call into question the independence of its central bank. Speaking at the World Economic Forum in Davos, Akira Amari said the Bank of Japan had "voluntarily" decided with the government to introduce a new inflation target in a bid to boost the world's third-largest economy. The new government in Tokyo, led by Prime Minister Shinzo Abe, has pushed the Bank of Japan (BOJ) to be more aggressive in its actions to battle nearly two decades of deflation and sluggish growth. The BOJ on Tuesday unveiled a new inflation target of two percent and a massive programme of asset purchases to pump money into the economy, sparking accusations that central bank independence had been compromised. No less an authority than German Chancellor Angela Merkel told Davos on Thursday that she was "not without concern" about Japan's actions. "As regards the new proposal, you might say that it might undermine the independence of the BOJ. In the case of Japan so far, there has not been any undertaking to share the inflationary targets with the central bank," Amari said. "This time for the first time, we came to an agreement of a two-percent inflation target that is around the international level," the minister added. The policy has also led to a steady decline in the value of the yen against other currencies -- boosting exports -- but other countries have expressed concern that Tokyo is pursuing a beggar-thy-neighbour approach. Amari declined to comment on the current level of the yen, which has fallen steadily since the new policies were unveiled, saying that it was "for the markets to decide" the exchange rate. The head of Organisation for Economic Cooperation and Development (OECD), Angel Gurria, told the same panel that it was a "fine line" to walk between defending your currency and putting trading partners at a disadvantage. He noted that countries like Japan -- he also mentioned Brazil, South Korea, Mexico, Chile, China and India -- were places that attract investors during periods of uncertainty on the financial markets. This causes the currency to rise, sometimes requiring action to bring it back to a more normal level, Gurria said. "There is a certain legitimacy in terms of trying to defend yourself from the onslaught," the OECD chief said. "The only question is where do you draw the line between what is genuine self-defence and then something that would be a beggar-thy-neighbour policy? This is a thin line and it's a difficult line to walk," he added. Mark Carney, governor of the Bank of Canada, hit back at this interpretation, saying that the group of seven leading industrialised countries had agreed not to intervene to affect the level of their currencies. "There is an understanding within the G7 that has existed for the benefit of the global economy that there is not unilateral currency intervention," he insisted. Christine Lagarde, the head of the International Monetary Fund, was more circumspect, saying the IMF was "very interested by those policies". However, she added: "We certainly would like them to be complemented by a medium-term plan that includes how that debt will be reduced going forward."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan hits back at critics at davos Arab Today, arab today japan hits back at critics at davos

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan hits back at critics at davos Arab Today, arab today japan hits back at critics at davos

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday