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Japan’s central bank chief Kuroda sounds alarm on global economy ahead of G-20

Bank of Japan Governor Haruhiko Kuroda said on Monday the global economic outlook is highly uncertain, and there are downside risks due to trade friction, China’s slowing economy and Britain’s negotiations to leave the European Union.

Kuroda, in a speech at a seminar, said Group of 20 meetings this year will discuss current account balances and also said bilateral trade measures will not resolve such imbalances.

“There is a high degree of uncertainty … and the downside risks are large,” Kuroda said.

“As president of the G-20, we will lead policy discussions at the meeting with all the relevant information and appropriate evaluations of global economic conditions.”

Japan will host a Group of 20 finance ministers and central bankers’ meeting on June 8 and 9.

Kuroda’s comments on the current account balance come amid increasing tension between the United States and its main trading partners.

Japan and the United States are negotiating a two-way trade pact. U.S. President Donald Trump, who is in Japan for a state visit, has made it clear he is unhappy with Japan’s $68-billion trade surplus with the United States, much of it from auto exports.

Trump has also waged a trade war with China in an attempt to lower the U.S. trade deficit and change trade practices that the U.S. government considers unfair.
Source: CNBC

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