Paulson optimistic global economy can withstand subprime woes - Japan minister |
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Published
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Fri, 31 Aug 2007 06:58
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TOKYO (Thomson Financial) - US Treasury Secretary Henry Paulson is optimistic that the global economy will withstand woes in the US housing sector that have caused market turmoil, Japanese Finance Minister Fukushiro Nukaga said Friday.Nukaga said he spoke to Paulson via telephone after the Japanese minister was appointed in acabinet reshuffle.'Secretary Paulson said markets may take some time to make adjustments but that thefundamentals of the global economy are still strong,' Nukaga told reporters. 'He said the world economy will surely overcome these difficulties.'The world's foreign exchange and equity markets have been volatile over the last few weeksamid concerns over US subprime loans or those made to risky borrowers.Nukaga told Paulson that the troubled US housing sector has had limited impact on the Japanese economy.'The Japanese economy remains overall on the path of an enduring recovery,' he said he told Paulson.Japanese banks have reported some losses on US subprime loans, but analysts say their exposure is relatively little as they tend to be more conservative than US and European banks.afp/msmb/msCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Japan can withstand US subprime fallout - finance minister 