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China, Japan urge global talks on economic crisis

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 05:37 AM
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China, Japan urge global talks on economic crisis
http://uk.reuters.com/article/2011/08/05/us-eurozone-idUKTRE7712HB20110805

Reuters) - China and Japan called for global cooperation on Friday after a financial market rout signaled fear that Europe's debt crisis could spin out of control and the U.S. economy may slide into another recession.

The comments from Washington's two biggest foreign creditors pointed to growing concern of contagion as Asian stock markets tumbled following Wall Street's steep dive a day earlier. European markets hit a 14-month low in early trading.

French President Nicolas Sarkozy will discuss financial markets with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero on Friday, Sarkozy's office said in a statement.

In Japan, Finance Minister Yoshihiko Noda said global policymakers needed to confront currency distortions, the debt crises and concerns about the U.S. economy.
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