BOJ's Kuroda sounds alarm on global economy ahead of G20

TOKYO - Bank of Japan Governor Haruhiko Kuroda said on Monday the global economic outlook is highly uncertain, and there are downside risks due to trade friction, China’s slowing economy and Britain’s negotiations to leave the European Union.

“There is a high degree of uncertainty... and the downside risks are large,” Kuroda said in a speech at a seminar. He said Group of 20 meetings this year will discuss current account balances and also said bilateral trade measures will not resolve such imbalances. If current account balances are not in line with economic fundamentals, then the G20 should examine the reasons, Kuroda said, noting that running a deficit or surplus was not necessarily good or bad.

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