"Since the European authorities are making all attempts to deal with the problems, tensions on the market appear to be easing a bit." Words of veiled optimism from Masaaki Shirakawa, governor of the Bank of Japan, who welcomes the search for a solution to the debt crisis by the Eurozone authorities. A confidence that does not seem to be affected by the news circulated yesterday on the lack of Franco-German agreement regarding the new powers to be attributed to the European fund for saving states (EFSF).
“However – continues the Japanese banker – in order to regain the confidence of the market, it is essential that European officials further steps towards fiscal consolidation and stability in the region's financial system".
Narrowing the focus on his own country, Shirakawa added that, considering the slowdown in global growth and the upward pressure on the yen, "we must be aware of the downside risks to the Japanese economic outlook“. In any case, the Central Bank confirms the "persistent" commitment to support the domestic economy to ensure that it returns to a path of moderate growth.
