Na reunião do G-20 em Xangai parece que toda a gente chegou à conclusão que as medidas monetárias dos bancos centrais chegaram a um beco sem saída. Agora o novo dogma é as medidas fiscais e o aumento da despesa por parte dos governos. Um dos que foi mais pressionado, em especial pelos EUA, foi o Japão. Jack Lew, o secretário do tesouro americano, disse que era tempo do mundo deixar de depender do consumidor americano, numa indireta a países como a China, Alemanha e Japão que dependem das exportações em vez de estimularem o consumo interno. A verdade é que se o consumo for estimulado nesses países, atrvés do aumento dos salários, tal será inflacionista.
Japan under international pressure to prime pumpThe mounting international pressure at the Group of 20 (G-20) conference in Shanghai for Japan to implement pump-priming measures will likely spur calls within the Japanese government and ruling parties to formulate a supplementary budget for next fiscal year at an early stage.
In a joint statement issued at the end of the two-day conference of G-20 central bank governors and finance ministers, participating countries agreed to use all policy tools, such as increased government spending and structural reforms.
Finance Minister Taro Aso said during the meeting that the Japanese government’s supplementary budget for fiscal 2015 to March was approved in January. His comments were seen as an attempt to forestall the United States and other participants who expect Japan to ramp up public spending.
The G-20 provided strong international support for those who are calling for fiscal action by the government to implement such measures. The G-20 joint statement said, “Excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.”
U.S. Treasury Secretary Jacob J. Lew said, “It is also important that all G-20 members honor their commitments to refrain from competitive devaluation, and to not target exchange rates for competitive purposes.” It is therefore still uncertain whether the G-20 conference will lead to a change in the flow of the rising yen.
The G-20 meeting, however, sounded alarms about excessive dependency on monetary policy, saying in the statement, “Monetary policy alone cannot lead to balanced growth.”
Even if the Bank of Japan moves toward additional monetary easing measures, market players could be skeptical about the effect, as the feeling has spread that monetary policy has its limits.
http://the-japan-news.com/news/article/0002778411