Japan came under renewed international pressure Monday at a meeting of financial chiefs from major economies to step up efforts toward fiscal consolidation and ensure swift passage of legislation to finance the remaining part of this year's budget with deficit-covering bonds.
The finance ministers and central bankers of the Group of 20 advanced and major developing economies warned in the joint statement that Japan's difficulty in funding its budget is among the downside risks facing the global economy, along with the European debt crisis and potential sharp fiscal tightening in the United States.
The communique, released after a two-day meeting in Mexico City, also said, "In Japan, further progress in medium-term fiscal consolidation is needed."