back... and more dangerous.
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G7 Love Fest
The G7 are meeting today and tomorrow. There would seem to be plenty of room for dispute, given the recent acceleration in the yen's decline and pathetic economic performance in Europe, where the EC has recently adjusted its economic forecasts to show a deeper contraction this year and a weaker recovery next year. However, below the surface there seems to be greater consensus than it may appear. The US and IMF have been supportive of the Abe government's efforts to reflate the world's third largest economy and explicitly recognize a role for monetary policy. Japanese officials have steered away from the earlier ... (full story)