TOKYO, July 7 (Reuters) - Japan's Ministry of Finance said international policy veteran Masatsugu Asakawa will become the country's top financial diplomat, whose tasks include coordinating with other nations and the IMF as well as arranging currency interventions.
Asakawa's broad network with policymakers both inside and outside Japan puts him in an ideal position to coordinate with the Bank of Japan and other nations at a time when the Greek debt crisis threatens to ripple through the world economy.
The appointment of Asakawa on Tuesday also comes as concerns have grown that a further rapid depreciation in the yen could damage Japanese households and small firms by raising import costs, while dollar gains hurt U.S. exporters.
Asakawa, 57, who has been director-general of the the finance ministry's international bureau, will take over from Tatsuo Yamasaki, who will retire. His appointment is part of a routine reshuffle and is not expected to bring about a shift in Japan's currency policy.
The new vice finance minister for international affairs is likely to stick with the G7 and G20 commitment to market-set exchange rates and a policy that does not target currencies.
Asakawa currently chairs the OECD Committee on Fiscal Affairs, dealing with an anti-tax avoidance action plan known as the anti-BEPS (Base Erosion, Profit Shifting) directive.
finance.yahoo.com
Asakawa's broad network with policymakers both inside and outside Japan puts him in an ideal position to coordinate with the Bank of Japan and other nations at a time when the Greek debt crisis threatens to ripple through the world economy.
The appointment of Asakawa on Tuesday also comes as concerns have grown that a further rapid depreciation in the yen could damage Japanese households and small firms by raising import costs, while dollar gains hurt U.S. exporters.
Asakawa, 57, who has been director-general of the the finance ministry's international bureau, will take over from Tatsuo Yamasaki, who will retire. His appointment is part of a routine reshuffle and is not expected to bring about a shift in Japan's currency policy.
The new vice finance minister for international affairs is likely to stick with the G7 and G20 commitment to market-set exchange rates and a policy that does not target currencies.
Asakawa currently chairs the OECD Committee on Fiscal Affairs, dealing with an anti-tax avoidance action plan known as the anti-BEPS (Base Erosion, Profit Shifting) directive.
finance.yahoo.com
No comments:
Post a Comment