(Changes Lagarde quote to "full-speed", not "4 speed")
The United States warned Japan on Friday to stick to the rules
when it came to the value of its currency, setting the stage for
a potentially uncomfortable meeting of G7 finance ministers
Following are quotes from some of the main officials at the
TARO ASO, JAPANESE FINANCE MINISTER
"We explained at the G7 that Japan took bold monetary and
fiscal action to end prolonged deflation, with the government
and the Bank of Japan working closely together."
"The G7 didn't have a particular problem ... I think Japan's
stance is gaining broader understanding."
JACK LEW, U.S. TREASURY SECRETARY
On Japan, yen:
"Japan has growth issues for a long period of time that we
have encouraged Japan to address. So as long as they stay within
those bounds of those international agreements I think growth is
an important priority," Lew told CNBC news channel in London.
"For a global recovery... It cannot be led by the United
States alone... There are countries in Europe that have more
fiscal space in Europe to create a bit more economic demand and
more economic growth."
U.S. debt ceiling:
"I don't think that it's in the interests of the U.S. or the
world economy for Congress to wait until the last minute and
create a sense of anxiety. Congress has to raise the debt
HARUHIKO KURODA, BANK OF JAPAN GOVERNOR
"Our monetary stimulus is aimed at achieving 2 percent
inflation. We are aiming for balanced economic growth that will
gradually push up prices. Currency moves are only one factor."
"The BOJ doesn't directly target currency moves, which are
determined by markets."
"Our monetary policy is aimed at beating 15 years of
deflation and achieving the 2 percent inflation target set in
January in roughly two years. Our monetary policy is taken
solely for domestic purposes."
CHRISTINE LAGARDE, IMF MANAGING DIRECTOR
"I'm looking forward to an excellent G7 meeting with
discussion on recovery and moving from a 3 speed recovery to a
"There are no taboo subjects as we are in an informal
OLLI REHN, EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER
"It is important that in line with the previous decisions at
the G20 and IMF that there is no talk about currency wars...
There is discussion about how better to coordinate our economic
"In Europe, we can afford a smoother path of fiscal
adjustment but at the same time it is ever more important to
intensify structural reforms ... this is valid for countries
like France, Italy and Spain."
JEROEN DIJSELLBLOEM, CHAIRMAN OF EURO ZONE FINANCE MINISTERS
Euro zone banking union:
"We are making good progress (in the euro zone) in terms of
regaining trust in financial markets, in terms of building up a
banking union on which we are working very fast and hope to make
some more steps before the summer."
JENS WEIDMANN, BUNDESBANK CHIEF AND EUROPEAN CENTRAL BANK
GOVERNING COUNCIL MEMBER
Euro zone banking union:
"This is an important step that we should bring forward."
JIM FLAHERTY, CANADIAN FINANCE MINISTER
"The resolve has weakened, and I think it's mistaken."
"I would like to achieve a consensus that we need to do both
... fiscal consolidation and economic growth incentives."
GEORGE OSBORNE, BRITISH FINANCE MINISTER
"(This is) an opportunity to consider what more monetary
activism can do to support the recovery, while ensuring
medium-term inflation expectations remain anchored."
"The good news is some stability and confidence have come
back into the world economy, but we have much more to do. For
Britain, we know as we have seen over the past few years, we are
very affected by what happens in our neighbours and I am
absolutely determined to focus on nurturing the recovery and not
taking it for granted."
"Here at the G7 we are going to be talking about what we can
do to strengthen international coordination and regulation of
our financial system."