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G7 concerned over emerging markets; PM Abe makes Lehman comparison

Published 2016-05-26, 03:47 a/m
© Reuters. G7 concerned over emerging markets; PM Abe makes Lehman comparison

ISE-SHIMA, Japan, May 26 (Reuters) - Group of Seven leaders
voiced concern on Thursday about emerging economies, a senior
Japanese official said, as their host, Japanese Prime Minister
Shinzo Abe made a pointed comparison to the global financial
crisis.
"G7 leaders voiced the view that emerging economies are in a
severe situation, although there were views that the current
economic situation is not a crisis," Deputy Chief Cabinet
Secretary Hiroshige Seko told reporters after during the first
day of a two-day G7 summit in Ise-Shima, central Japan.
Abe told the group that they shared the view on the risks to
the global economy, Seko said.
Abe presented the G7 documents showing International
Monetary Fund data that global commodities prices fell 55
percent from June 2014 to January 2016, the same margin as from
July 2008 to February 2009, in the wake of the Lehman collapse,
Seko said.
Abe has pledged to raise Japan's sales tax to 10 percent
from 8 percent in April next year as planned, unless there is a
financial crisis on the scale of the Lehman collapse or a major
natural disaster.

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