Lew Urges Japan to Focus on Domestic Demand as Yen Rises
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Jacob 'Jack' Lew, U.S. Treasury secretary, speaks at a news conference during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C., U.S., on Friday, April 15, 2016. Group of 20 economies threatened today to penalize tax havens that donÕt share information on their banking clients, after the leak of the Panama Papers provoked a global uproar over tax evasion.
Photographer: Andrew Harrer/BloombergU.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.”