![]() Yellen told a news conference that Washington had been considering the chance of imposing restrictions on outbound investment to China to counter its "economic coercion" against other countries. Simmering U.S.-China tensions also cloud the outlook for the global economy that is already under pressure from signs of weakness in the world's second-largest economy China. banks, the G7 will discuss ways to strengthen the global financial system and combat risks of digital bank runs, Japanese officials say. and European monetary tightening begin to weigh on global growth and stoke fears of financial instability.Īfter the recent failure of several U.S. The G7 finance chiefs meet at a time when aggressive U.S. The logo of the G7 Finance Ministers and Central Bank Governors' meeting is displayed at Niigata station, ahead of the meeting, in Niigata, Japan, May 10, 2023. But when things go wrong, all the other countries bear the brunt." GLOBAL OUTLOOK DAMPENS "Washington is solely responsible to get this fixed. problem, though the group could reaffirm its resolve to cooperate in stabilising markets in the worse-case scenario," said Takahide Kiuchi, an analyst at Nomura Research Institute. "The G7 won't be able to come up with a solution for what is a purely domestic and political U.S. debt crisis is a headache for Japan, which is this year's G7 chair and the world's biggest holder of U.S. President Joe Biden has signalled the chance of cancelling his trip to next week's G7 summit if the debt standoff is not solved in time, warning that failure to quickly to raise the limit on the government's permitted borrowing from the current $31.4 trillion could throw the U.S. And it would spark a global downturn that would set us back much further," Yellen said in Niigata on Thursday. "A default would threaten the gains that we've worked so hard to make over the past few years in our pandemic recovery. Treasury Secretary Janet Yellen was expected to face questions from her G7 counterparts, meeting in the Japanese city of Niigata, on how Washington intends to prevent turbulence in financial markets, already jittery after the recent failure of three U.S. and respond as needed," he said, adding that Japanese authorities were watching developments closely. But (the G7 group) will likely scrutinise the situation. authorities will do their best to prevent it from happening," Kazuo Ueda told reporters on Thursday, when asked about the chance of the United States defaulting on its debt. debt crisis may be discussed at the G7 gathering, adding the group must stand ready to respond to any market repercussions. The central bank governor of host Japan said the U.S. ![]() recession fears as central banks seek a soft landing for the global economy. debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders starting on Thursday, heightening U.S. NIIGATA, Japan, May 11 (Reuters) - A standoff in Washington over raising the U.S.
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