Japanese Finance Minister Jun Azumi on Tuesday said Europe was close to a resolution of its debt crisis and urged the continent\'s leaders to close the deal for the sake of the global economy.
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| Japanese Finance Minister Jun Azumi, pictured here on October 15, 2011, said on Tuesday that Europe was close to a resolution of its debt crisis and urged the continent\'s leaders to close the deal for the sake of the global economy. |
"The European issue is in its final stage. Focus is on whether (Europe) can construct a scheme that could offer a sense of relief to the world," Azumi told reporters. "We want them to firmly get that done."
European Union leaders and IMF chief Christine Lagarde held a first summit on Sunday aimed at overcoming a crisis that has threatened to pitch the world into a fresh recession.
They will meet again for the second summit on Wednesday.
Japan\'s export-dependent economy has suffered from the uncertainty plaguing Europe as sovereign debt levels have spiralled.
Investors\' desire to seek shelter from the storm has helped drive the safe-haven yen higher over recent months. A high yen punishes exporters by making their goods more expensive and dragging on repatriated profits.
Japan\'s government has repeatedly protested about the strength of the unit and has intervened in a bid to drive it down, but has failed to have any long-term impact.
The Japanese unit hit a fresh record high of 75.78 to the dollar during New York trade Friday.
The yen was trading at 76.15 to the greenback early Tuesday after Azumi reiterated a warning that he could take "decisive steps" to tame the currency\'s strength.
