April 19, 2013 / 1:51 PM / in 5 years

G20 says Japan's expansive policy mustn't be permanent-German finmin

WASHINGTON, April 19 (Reuters) - The Group of 20 leading economies agree that Japan’s expansive monetary policy should not be permanent and that Tokyo must also implement structural reforms, German Finance Minister Wolfgang Schaeuble said on Friday.

“Everyone agreed that it could only be temporary,” Schaeuble said during talks of global finance ministers and senior officials in Washington.

Jens Weidmann, president of Germany’s Bundesbank central bank, said Japan should not use its monetary policy to manipulate exchange rates and set off a round of competitive devaluations.

Earlier this month the Bank of Japan pledged to pump $1.4 trillion into the economy in less than two years to jolt it out of protracted deflation.

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