Gillard Backs Abe Reflation Even as Currency Hurts Australia
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Australian Prime Minister Julia Gillard added her voice to global endorsements of Japan’s efforts to revive its economy, even as a sinking yen contributes to undermining her country’s manufacturing competitiveness.
“The Japanese economy certainly does need to take steps to pursue growth, so we are pleased that the new prime minister seems very focused on getting growth,” Gillard said in an interview in Melbourne late yesterday. Her remarks followed the Group of 20’s endorsement last week of Japan’s stepped-up monetary stimulus as something “intended to stop deflation and support domestic demand” rather than weaken its currency.