Bank of Japan Gov. Toshihiko Fukui held talks Monday with visiting U.S. Federal Reserve Board Chairman Alan Greenspan, discussing a range of issues related to macroeconomic and monetary conditions, including those of Japan and the U.S., BOJ officials said.
During the 50-minute meeting at BOJ headquarters in Tokyo, Fukui and Greenspan exchanged views on the global financial situation as well as the global economic situation, the officials said.
The BOJ's two deputy governors and other board members also participated in the meeting, they said.
This is Greenspan's first visit to Japan since January 2000, when he attended a Tokyo meeting of top Group of Seven finance officials.
Prior to the meeting with Fukui, Greenspan met with Prime Minister Junichiro Koizumi.
Greenspan, in Tokyo for a two-day visit, was to give a speech Tuesday morning at a lecture meeting sponsored by the Japan Business Federation (Nippon Keidanren) and two other business groups, mainly focusing on energy issues.
Greenspan is expected to step down when his current term expires on Jan. 31.
Oil impact downplayed
Deputy Bank of Japan Gov. Toshiro Muto said Monday that booming Asian economies are strong enough to fend off the negative impact of high oil prices as they are more resilient than they were during the oil shocks of the 1970s.
"The economic fundamentals of most Asian countries are much stronger than in the 1970s when they were hit by the worst oil market turmoil ever," Muto said in a speech at a Japan-U.S. forum in Tokyo.
Muto pointed out that Asian countries responded swiftly to the recent spike in oil prices by raising interest rates or slashing public fuel subsidies.
"These prompt actions have helped them minimize potential disruptions to their economies," he said.