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2014-11-17 Mon 08:52
US Treasury Secretary Jack Lew has called on Japan to take action to offset any negative impact if the country raises the consumption tax to 10 percent as scheduled.
Lew met Japanese Finance Minister Taro Aso on the sidelines of the G20 Finance Ministers' meeting in Brisbane, Australia on Saturday.
The US Treasury Department said the 2 agreed that the strong growth of Japan and the United States is essential for the global economy.
Lew stressed to Aso that Japan needs to use all of what Prime Minister Shinzo Abe calls his 3 arrows of economic recovery policy to escape deflation.
The 3 points of Abe's economic initiative, known as Abenomics, are bold monetary easing, flexible fiscal spending and a growth strategy that encourage private sector investment.