* Japanese monetary policy aimed at growth is good - Swan
* Points to ECB, Fed policy as model
* Says G20 should not have one rigid set of fiscal targets
* Sees China moving on FX, orienting towards consumption
MOSCOW, Feb 15 Australia indicated support on
Friday for Japan's monetary policy saying that as long as it was
pro-growth it was appropriate, despite concerns by some that it
was weakening the yen.
"Insofar as they are deploying fiscal and monetary policy to
try to drive stronger economic growth, everybody's got a stake
in that," Treasurer Wayne Swan told reporters ahead of a meeting
of finance ministers and central bankers of the Group of 20.
The minister said it was up to Japan to characterize its
initiatives, but said that it was the monetary policy of the
European Central Bank and the U.S. Federal Reserve that was
responsible for improved confidence in the last four to five
months, demonstrating the need for active monetary policy.
"The actions taken by (ECB President Mario) Draghi in Europe
and the actions taken by (Fed chairman Ben) Bernanke in the U.S.
have been fundamental in getting a greater degree of confidence
in the global economy in recent months," Swan said.
He said that if developing countries were concerned about
spillovers from such policies, there are means such as capital
controls that are available under frameworks established by the
International Monetary Fund.
The G20 is discussing language on foreign exchange, and Swan
said: "The G20's always been a strong advocate of market-based
"The Chinese have been moving in that direction and ...
they've also been engaged in a redirection of their economy
towards greater domestic consumption."
Addressing whether the G20 should set new fiscal targets
beyond those set in the Toronto summit in 2010, he said there
can't be "one rigid set" of numbers.
"There are always going to be numerical targets... (But) it
isn't just one set of numbers. There has to be some room for
country-specific and region-specific factors."