Japan finmin says he and emerging markets opposed U.S. plan

GYEONGJU, South Korea (BestGrowthStock) – Plans to set numerical targets for countries’ current account balances were opposed by Japan and some developing economies, Japan’s finance minister said on Friday at the G20 summit.

“We said that we doubt whether rigid numerical targets should be set, but when checking the progress in rectifying imbalances, that might be an idea,” Finance Minister Yoshihiko Noda told a press conference after finance ministers met in South Korea.

Earlier, G20 finance officials started two days of meetings by discussing a U.S. proposal to set a target of 4 percent of gross domestic product for current account balances.

(Reporting by Tetsushi Kajimoto; Editing by David Chance)

Japan finmin says he and emerging markets opposed U.S. plan