TOKYO (MNI) – Finance Minister Jun Azumi said at a regular cabinet
meeting on Friday he will explain Japan’s economic conditions and
progress of its fiscal consolidation at the upcoming G20 meeting due to
be held in Mexico City this weekend.
Azumi said he will attend the G20 talks on Feb. 25 alone, without
attending the Sunday session, adding he has to return to Japan early to
discuss the fiscal 2012 budget in parliament early next week.
Meanwhile, Azumi said he and his UK counterpart George Osborne
agreed that the so-called Volcker Rule will dampen market activities,
adding that both of them had already submitted their views to the U.S.
The Volcker Rule, named after the former U.S. Federal Reserve
Chairman Paul Volcker, was aimed at limiting some propriety trading by
banks in the U.S.
“U.S financial firms accounted for 20% of those trading in JGBs. If
the rule is implemented, it would have a fair amount of impact on JGB
liquidity,” BOJ governor Masaaki Shirakawa has said.
tokyo@marketnews.com
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