Finance leaders from the Group of Seven industrial nations failed to find ways to take coordinated action to revitalize the global economy as they wrapped up a two-day meeting in Sendai on Saturday.
Japan, which hosted the meeting this year, is looking to hammer out a new fiscal package in the coming months, but its push for joint fiscal action was rejected by its more cautious peers, who concluded that the group approach the downside risks of the economy with all kinds of options, including monetary policy and structural reforms.
"I think the notion that there would be one response in each of our economies using exactly the same fiscal, monetary, structural policies doesn't reflect what each of our economies needs," U.S. Treasury Secretary Jacob Lew said at a news conference.