Jacob J. Lew

LewGiven the backdrop of weak global growth, Japan needs to look to domestic, rather than external, demand. It’s important that overall fiscal policy be supportive and that an ambitious structural reform agenda prioritizes measures to lift near-term growth. Despite recent yen appreciation, foreign exchange markets remain orderly.
It’s true that moves are not very volatile if you look at foreign exchange markets today, literally now.
Japan has to be careful not to slip into another economic decline, which means they’re going to have to be careful about how they phase the timing of future tax increases and whether they offset that with spending in their economy so it doesn’t create fiscal drag.
We agreed as a group, and Japan made this commitment, to refrain from competitive currency devaluation, and to communicate with each other so there’s no surprises, and to refrain from exchange-rate targeting. The fact Japan has reiterated those commitments is significant. We expect all G-7 and all G-20 members to keep their commitments.

2 thoughts on “Jacob J. Lew

  1. shinichi Post author

    Lew Urges Japan to Focus on Domestic Demand as Yen Rises

    by Andrew Mayeda

    http://www.bloomberg.com/news/articles/2016-04-15/lew-urges-japan-to-focus-on-domestic-demand-as-yen-appreciates

    U.S. Treasury Secretary Jacob J. Lew urged Japan to focus on boosting domestic demand instead of exports, saying foreign-exchange markets remain orderly even as the yen appreciates.

    “Given the backdrop of weak global growth, Japan needs to look to domestic, rather than external, demand,” Lew said during a press briefing Friday in Washington. “It’s important that overall fiscal policy be supportive and that an ambitious structural reform agenda prioritizes measures to lift near-term growth. Despite recent yen appreciation, foreign exchange markets remain orderly.”

    He spoke after finance chiefs from the Group of 20 economies reiterated a pledge to refrain from weakening their currencies to gain a trade edge for domestic producers. The yen has risen about 11 percent against the dollar this year, the biggest gainer after the Brazilian real among major currencies tracked by Bloomberg.

    Japanese Finance Minister Taro Aso spoke separately with reporters following the G-20 meeting.

    “It’s true that moves are not very volatile if you look at foreign exchange markets today, literally now,” he said.

    Aso did not discuss Japan’s plan to raise its consumption tax with reporters; a topic upon which Lew counseled caution.

    In his remarks, Lew said “Japan has to be careful not to slip into another economic decline, which means they’re going to have to be careful about how they phase the timing of future tax increases and whether they offset that with spending in their economy so it doesn’t create fiscal drag.”

    Lew stressed the importance of Japan again adhering to the G-20’s pledges on currencies.

    In Shanghai in February, “we agreed as a group, and Japan made this commitment, to refrain from competitive currency devaluation, and to communicate with each other so there’s no surprises, and to refrain from exchange-rate targeting,” Lew said. “The fact Japan has reiterated those commitments is significant. We expect all G-7 and all G-20 members to keep their commitments.”

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  2. shinichi Post author

    (sk)

    「日本はこうしたらいい」なのか、「日本はアメリカのためにこうしろ」なのか。
    その見極めなしには、この記事は読めない。

    日本の新聞はそんなことにはおかまいなしに、

    ルー米財務長官は、16日にワシントンで開かれた国際通貨金融委員会(IMFC)に合わせ声明を出し、日本経済の現状について「長引く内需低迷を背景に、引き続き景気後退のリスクに直面している」との認識を表明した。その上で「近い時期に柔軟な財政政策を採用すべきだ」とし、財政出動による景気対策を求めた。
    ルー氏は15日の記者会見で、消費税増税を含む経済財政政策に慎重に取り組むよう日本に要請したが、声明ではさらに踏み込み、景気後退を避けるには財政出動が不可欠との見解を示した。

    と、自分たちの書きたいことだけを書く。

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