Emerging markets moving towards debt crisis: BOJ chief

Tokyo

BANK of Japan governor Haruhoko Kuroda on Tuesday added his voice to a chorus of recent warnings over the high and fast-rising level of dollar and other foreign currency-denominated debt in emerging economies of Asia and other regions of the world.

Mr Kuroda acknowledged that the global economy "is generally returning to a surer footing" and that it may have reached "escape velocity" from a decade of stagnation following the 2008 global financial crisis.

"Nevertheless," he said, "with the increased capital mobility across borders and ever more complex geopolitical risks, we should continue to pay attention to the issue of dollar-denominated debt and currency mi…