IMF's Lagarde says global growth will be moderate and weaker than expected last July

IMF's Lagarde talking global growth in Jakarta

• Asia to lead global growth but at a slower pace than expected
• China has policy tools and financial buffers for transition
• Sees decline in commodity prices persisting

Out while the PMI's were rolling off and the comments are adding to the negative sentiment being seen. USDJPY has traded 3 pips under 120.00 just now

"Overall, we expect global growth to remain moderate and likely weaker than we anticipated last July," she said.

The IMF in July forecast global growth at 3.3 percent this year, slightly below last year's 3.4 percent, expect that to be downgraded in October.