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JAPAN / LAGARDE
STORY: JAPAN / LAGARDE
TRT: 2.14
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 12 NOVEMBER, 2011, TOKYO, JAPAN
1. Wide shot, IMF Managing Director Christine Lagarde makes her way to hear seat at Press Conference venue
2. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“We touched on the current economic situation in the euro zone, the ways to address it, and the consequences that a euro zone crisis has and would have if it deteriorated further in the rest of the world, particularly in Asia. And on that vein, I insisted with Minister Azumi that no country can be immune under the present circumstances and no matter how developed or how emerging or how far away it is, the countries are totally interconnected. That is what we see at the IMF; all of our studies demonstrate it. And Japan is no more immune than other countries.”
3. Cutaway, journalists attending the press conference
4. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“You actually asked about the deleveraging, essentially, that is taking place. The IMF has said for several months now that European banks had to reinforce their capital. And we stated a few months ago that this should be done by way of capital raising, either from existing shareholders, from the incorporation of reserves, when they exist, and certainly not by general deleveraging.”
5. Cutaway, journalists attending press conference
6. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“About the currency intervention. Yes, it is a matter that I discussed briefly with my counterparts, particularly with Minister Azumi, and it is a matter on which the Fund has a view. We take the view that concerted action is the most efficient way of intervening, and we are aware of the fact that the Japanese intervention was done with a view to avoiding disorder and excessive volatility on the markets, and that is very much in the spirit of communiqués and statements by the G7 on such matters.”
7. Wide shot, Many reporters gather around Christine Lagarde at the end of the press conference
Asia plays a key role in the global recovery, but the region could be badly affected if the crisis in Europe deepens, said the IMF chief Christine Lagarde during a four-day trip to Asia.
In a press release at the end of a visit to Japan—wrapping up the Asian leg of her visit to several major capitals—Lagarde said she and her Japanese hosts had discussed the urgent challenges facing the global economy in general, and Europe in particular.
“We touched on the current economic situation in the euro zone, the ways to address it, and the consequences that a euro zone crisis has and would have if it deteriorated further in the rest of the world, particularly in Asia. And on that vein, I insisted with Minister Azumi that no country can be immune under the present circumstances and no matter how developed or how emerging or how far away it is, the countries are totally interconnected. That is what we see at the IMF; all of our studies demonstrate it.
And Japan is no more immune than other countries,” she said in a press conference after meetings with Minister of Finance Jun Azumi and the Bank of Japan Governor Masaaki Shirakawa.
Following those discussions, Lagarde paid tribute to work of the authorities and said Japan’s recovery after the earthquake early this year, was likely to continue despite the difficult global environment.
Lagarde and the Japanese authorities also agreed on the policy priorities to boost medium-term growth in the world’s third largest economy. They also discussed Japan’s yen intervention.
“About the currency intervention. Yes, it is a matter that I discussed briefly with my counterparts, particularly with Minister Azumi, and it is a matter on which the Fund has a view. We take the view that concerted action is the most efficient way of intervening, and we are aware of the fact that the
Japanese intervention was done with a view to avoiding disorder and excessive volatility on the markets, and that is very much in the spirit of communiqués and statements by the G7 on such matters,” Lagarde said.
Earlier in the week, during a speech to policymakers and experts at the International Finance Forum in Beijing, Lagarde highlighted the role of Asia in leading the world out of crisis.
In Beijing, Lagarde said she was filled with hope and optimism for the future whenever she visited region, and she noted China’s success in pulling millions out of poverty.
During her Beijing speech, Lagarde warned of bleak consequences if countries failed to cooperate in the cause of global recovery.
The IMF chief was speaking just days after attending a summit of leaders from the Group of 20 leading global economies in Cannes, France, where they had gathered to discuss how to quell the threat of contagion caused by the European debt crisis.
Lagarde said she was encouraged by the agreement which European leaders reached at their summit—the Cannes Action Plan for Growth and Jobs—designed to restore debt sustainability in Greece; recapitalize European banks; strengthen measures against financial contagion; and lay the foundations for robust economic governance in the euro area.
On the issue of European banks, the MD highlighted earlier warnings.
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