US debt standoff overshadows G7 finance leaders' meeting

NIIGATA, Japan : A standoff over raising the U.S. debt ceiling overshadowed a meeting of Group of Seven finance leaders set to begin on Thursday, heightening U.S. recession fears as central banks seek a soft landing for the global economy.

The U.S. debt crisis is a headache for Japan, which is this year's G7 chair and the world's biggest holder of U.S. debt. As rapid rate hikes by the Federal Reserve weigh on the U.S. economy, recent data has shown signs of weakness in China, the world's second-largest economy.

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