The United States warned Japan on Friday to stick to the rules when it came to the value of its currency, setting the stage for a potentially uncomfortable meeting of G7 finance ministers outside London.
Following are quotes from some of the main officials at the Friday-Saturday meeting.
TARO ASO, JAPANESE FINANCE MINISTER
"We explained at the G7 that Japan took bold monetary and fiscal action to end prolonged deflation, with the government and the Bank of Japan working closely together."
"The G7 didn't have a particular problem ... I think Japan's stance is gaining broader understanding."
JACK LEW, U.S. TREASURY SECRETARY
On Japan, yen:
"Japan has growth issues for a long period of time that we have encouraged Japan to address. So as long as they stay within those bounds of those international agreements I think growth is an important priority," Lew told CNBC news channel in London.
"For a global recovery... It cannot be led by the United States alone... There are countries in Europe that have more fiscal space in Europe to create a bit more economic demand and more economic growth."
U.S. debt ceiling:
"I don't think that it's in the interests of the U.S. or the world economy for Congress to wait until the last minute and create a sense of anxiety. Congress has to raise the debt limit."
HARUHIKO KURODA, BANK OF JAPAN GOVERNOR
"Our monetary stimulus is aimed at achieving 2 percent inflation. We are aiming for balanced economic growth that will gradually push up prices. Currency moves are only one factor."
"The BOJ doesn't directly target currency moves, which are determined by markets."
"Our monetary policy is aimed at beating 15 years of deflation and achieving the 2 percent inflation target set in January in roughly two years. Our monetary policy is taken solely for domestic purposes."
CHRISTINE LAGARDE, IMF MANAGING DIRECTOR
"I'm looking forward to an excellent G7 meeting with discussion on recovery and moving from a 3 speed recovery to a full-speed recovery."
"There are no taboo subjects as we are in an informal setting."
OLLI REHN, EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER
"It is important that in line with the previous decisions at the G20 and IMF that there is no talk about currency wars... There is discussion about how better to coordinate our economic policies."
"In Europe, we can afford a smoother path of fiscal adjustment but at the same time it is ever more important to intensify structural reforms ... this is valid for countries like France, Italy and Spain."
JEROEN DIJSELLBLOEM, CHAIRMAN OF EURO ZONE FINANCE MINISTERS
Euro zone banking union:
"We are making good progress (in the euro zone) in terms of regaining trust in financial markets, in terms of building up a banking union on which we are working very fast and hope to make some more steps before the summer."
JENS WEIDMANN, BUNDESBANK CHIEF AND EUROPEAN CENTRAL BANK GOVERNING COUNCIL MEMBER
Euro zone banking union:
"This is an important step that we should bring forward."
JIM FLAHERTY, CANADIAN FINANCE MINISTER
"The resolve has weakened, and I think it's mistaken."
"I would like to achieve a consensus that we need to do both ... fiscal consolidation and economic growth incentives."
GEORGE OSBORNE, BRITISH FINANCE MINISTER
"(This is) an opportunity to consider what more monetary activism can do to support the recovery, while ensuring medium-term inflation expectations remain anchored."
"The good news is some stability and confidence have come back into the world economy, but we have much more to do. For Britain, we know as we have seen over the past few years, we are very affected by what happens in our neighbors and I am absolutely determined to focus on nurturing the recovery and not taking it for granted."
"Here at the G7 we are going to be talking about what we can do to strengthen international coordination and regulation of our financial system."
(This version of the story was corrected to change Lagarde quote to "full-speed", from "4 speed".)
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