Japan yesterday threw its weight behind US efforts to ensure next month's G20 summit focuses on the need for immediate co-ordinated action to support the world economy rather than long-term efforts to improve financial sector regulation.
In an interview with the Financial Times that highlighted the growing rift in the G20 ahead of today's pre-summit meeting of finance ministers, Kaoru Yosano, Japan's finance minister, said he understood the European-led push to focus on tightening financial regulation. But he suggested such issues appeared cosmetic compared to more pressing economic problems.
“We all agree [on the need for better financial regulation], but I personally feel: are these actions necessary at a time of crisis? What we ask at this moment, is to save the life of the world economy. Not to comment about its beard,” said Mr Yosano, who is also Japan's minister for economic and fiscal policy.