Japan aims to restore G-7 to pre-eminence over G-20

Tokyo

THE Group of Seven (G-7) advanced economies have been eclipsed lately by the rise of the broader Group of Twenty (G-20) group, which includes key emerging as well as advanced economies. But a shift in global economic policy priorities could help Japan push the smaller group back to centre stage in May when it hosts the G-7 summit in Ise-Shima.

This, some say, would help Japan reassert its former status as an economic policy leader among Asian nations while also upstaging China, which is due to host this year's G-20 summit in Hangzhou in September.

After the global financial crisis in 2008, China and other key emerging economies took over as engines of global growth while the US, Europe and Japan slid into recessi…