• Global recovery can’t be led by US alone (they’re leading us are they?)
  • Some EU countries have more fiscal space to create demand
  • No comment on day to day FX moves
  • Japan has growth issues, needs to stay within bounds of global fx agreements
  • US economy moving in right direction but not fast enough

The bold is going to be the only concern to us bulls as the yen moves are going to be front and centre of the G7 questions from the press.