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Japan says global growth patchy, G20 shares need for package of steps

Published 10/10/2014, 05:44
© Reuters Japan's Deputy PM and Finance Minister Aso speaks during a news conference at Prime Minister Shinzo Abe's official residence in Tokyo

By Leika Kihara

WASHINGTON (Reuters) - Group of 20 nations agree on the need for each member to pursue a package of fiscal, monetary steps and structural reforms to revive growth as the global economic recovery remains patchy, Japanese Finance Minister Taro Aso said on Thursday.

"The global economy continues to recover moderately. But the degree of recovery varies quite a lot from country to country," Aso told reporters after attending a dinner session of G20 finance leaders, held on the sidelines of the IMF meetings in Washington.

"I think there's a shared understanding among (G20) countries that it's becoming increasingly important to take comprehensive fiscal, monetary policies and reforms, taking into account each country's economic conditions and room for policy steps," he said.

Aso said Japan broadly supports a proposal by G20 chair Australia to set up a new centre to promote infrastructure investment, and that he plans to elaborate on that during the second day of G20 discussions on Friday.

There were no discussions on the global economy or exchange rates at Thursday's G20 dinner, Aso said, adding that debate on global growth will be carried out mostly at the International Monetary Fund's meetings on Friday and Saturday.

Aso plans to hold a bilateral meeting with his South Korean counterpart Choi Kyung-hwan - they are both finance ministers and deputy prime ministers - on the sidelines of the IMF meetings on Friday.

© Reuters. Japan's Deputy PM and Finance Minister Aso speaks during a news conference at Prime Minister Shinzo Abe's official residence in Tokyo

When asked whether he will protest against South Korea's decision on Wednesday to indict a Japanese journalist for defamation of the South Korean president, Aso said he would not comment as the matter was being dealt with by the Ministry of Foreign Affairs.

(Reporting by Leika Kihara; Editing by Simon Cameron-Moore)

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