This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

World Finance Leaders Issue Sober Assessment

Those comments were viewed as giving a green light to Japan's program, which has driven the value of the yen down by more than 20% against the dollar since October. That sizable decline has raised concerns among U.S. manufacturing companies that Japan's real goal is not to boost growth through increasing domestic demand but to weaken the yen as a way to gain trade advantages.

To address those concerns, the G20 did repeat language it used in February that all countries should not use their currency as a trade weapon and guard against policies that could trigger currency wars.

Japanese officials said they were pleased with the support they had received at the Washington meetings for their aggressive efforts to lift the world's third largest economy out of a two-decade slump. "There has been international understanding" of our efforts, Huruhiko Kuroda, head of the Bank of Japan, told reporters.

Lew said in his IMF remarks that the Obama administration would keep working to gain approval of budget legislation that has been stalled for nearly three years in Congress. The congressional approval is the last major roadblock to implementing an overhaul of the IMF's governing structure to give more power to developing nations. The change is expected to shift two seats on the IMF's 24-member executive board from Western Europe to developing countries.

Brazilian Finance Minister Guido Mantega blasted both the United States and Europe for the delay.

"America is unable and Europe is unwilling to follow through with agreed reforms," he said Saturday in his remarks to the IMF. "The institution's major shareholders are gambling ... with the IMF's legitimacy and credibility."

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $132.29 1.50%
FB $82.25 0.88%
GOOG $556.22 -1.60%
TSLA $232.80 6.60%
YHOO $44.44 -0.17%

Markets

DOW 18,077.27 -2.87 -0.02%
S&P 500 2,114.42 -3.27 -0.15%
NASDAQ 5,070.4750 -21.61 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs