The war in Iraq may have been a mixed blessing for Japan's new central bank governor, Toshihiko Fukui.
With finance leaders of the Group of Seven economic powers focused on Iraq's postwar future in their two-day meeting, Fukui failed to make a splash at his first international appearance as Bank of Japan governor.
But that may not have been without its benefits for Fukui. The central banker was able to avoid pressure, at least publicly, to take further monetary steps to fight deflation.
"Not much was discussed concerning monetary policy," a BOJ official said about the meeting of finance ministers and central bankers from Britain, Canada, France, Germany, Italy, Japan and the United States.