Japan fails to rally G-7 counterparts on concerted economic stimulus

Sendai

THE global economy "is not in crisis" and does not require a crisis response, US Treasury Secretary Jacob Lew insisted at the close of the weekend G-7 finance minister and central bank governor meeting, summing up the majority view at a gathering which rejected Japan's call for concerted policy actions.

"The notion of one single response does not reflect the needs of each country," Mr Lew said after two days of discussions near the Japanese city of Sendai. "We need to take action consistent with the conditions in our countries and that will contribute to the global economy."