G7 'shares a strong sense of crisis' about global economy, says Japan PM Shinzo Abe
Japan's Prime Minister Shinzo Abe said on Friday that the Group of Seven (G7) industrial powers 'shares a strong sense of crisis' about the outlook for the global economy and is committed to concerted action to lift demand.
Japan: Japan's Prime Minister Shinzo Abe said on Friday that the Group of Seven (G7) industrial powers "shares a strong sense of crisis" about the outlook for the global economy and is committed to concerted action to lift demand.
"The most worrisome risk is a contraction of the global economy," Abe told a news conference after chairing a G7 summit that declared "global growth is our urgent priority".
Drawing repeated parallels to the global financial crisis that followed the 2008 Lehman bankruptcy, Abe said: "There is a risk of the global economy falling into crisis if appropriate policy responses are not made."
For Japan's part, Abe vowed to "reignite powerfully the engine of Abenomics," referring to his growth and reflation policies.
He said he will decide before a planned summer election whether to raise the national sales tax again.
Government sources told Reuters on Friday the premier will for a second time delay the tax hike as the threat of deflation re-emerges and he prepares to face voters.
Nationwide virus cases topped 10,000 for the first time on Thursday, and a string of government officials and health experts have warned that the more contagious Delta variant is fuelling a dangerous surge.
Playing about 150 miles north of the main Olympic sites in Tokyo, the teams lined up for the national anthems in a stadium with a listed capacity of 30,000 that had about 50 spectators, presumably team and Olympic officials, plus media.
The emperor, who took the throne in 2019, is the honorary patron of the Tokyo Olympics.