Group of 20 finance leaders will likely reflect many members’ concerns over “inward-looking” policies like protectionism in a communique to be issued on Tuesday, Japan’s vice finance minister Minoru Kihara said. Japan told its G20 counterparts that protectionism benefits no country and was among key risks to the global economy as it would shrink trade, Kihara told reporters on Monday after attending the first day of the two-day gathering.
“Many countries expressed concern over inward-looking policies. It’s unthinkable for such voices to not be reflected in tomorrow’s G20 communique,” he said.
Kihara also said he told his G20 counterparts that recent market volatility did not reflect global economic fundamentals, and called for global coordination in addressing escalating threats from North Korea.
Japanese policymakers fret that sharp rises in the yen, as seen last month, could cool business sentiment by eroding Japanese manufacturers’ profits.
Kihara attended the G20 meeting on behalf of Finance Minister Taro Aso, who stayed in Japan to address parliament over a suspected cronyism scandal.