NIIGATA, Japan: A standoff over raising the US debt ceiling overshadowed a meeting of Group of Seven finance leaders set to begin on Thursday , heightening US recession fears as central banks seek a soft landing for the global economy.
Treasury Secretary Janet Yellen was expected to face questions from her G7 counterparts, meeting in the Japanese city of Niigata, on how Washington intends to prevent turbulence in financial markets, already jittery after the recent failure of several US banks.is a headache for Japan, which is this year's G7 chair and the world's biggest holder of US debt.
Global economic risks, including stubbornly high inflation and the fallout from aggressive US and European interest rate increases will likely be among key topics of debate for the G7 finance ministers and central bankers. China's consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation deepened, data showed on Thursday, dashing policymakers' hopes that a rebound in the country's demand would underpin global growth.
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