Want to know what happened on day two?

On day two we started off in Asia with Haruhiko Kuroda, Governor, Bank of Japan and discussed Ukraine with the Prime Ministers of Latvia and Lithuania.

Want to know what happened on day two?

Discussions began in Asia for the second day of the Global Boardroom, where the FT’s chief economics commentator Martin Wolf asked about the sliding yen, Kuroda said market players had largely priced in how much the US Federal Reserve would like to increase interest rates. As the day progressed we debated whether Europe’s new-found unity was a temporary phenomenon, if Russia and China will create a new world order and economic recovery with Gita Gopinath, First Deputy Managing Director, International Monetary FundA few insights you might have missed include:

The war in Ukraine caused significant depreciation to the yen
Haruhiko Kuroda, Governor, Bank of Japan: “Since Japan imports most of its resources, including energy, it is under downward pressure from the outflow of income caused by the surge in commodity prices triggered by the situation surrounding grain.”

It is not the sanctions that are responsible for economic damage, it is Putin’s decision to invade Ukraine
Ingrida Šimonytė, Prime Minister, Lithuania: “At some point, there will be this debate, and you can hear it in some of the countries already, that look it is because of sanctions, it is because of those decisions that are taken by governments in western Europe that inflation is picking up, but it is because of war.”
Krišjānis Kariņš, Prime Minister, Latvia: “Putin is at war and this war is having an effect on our economies, not only in the Baltics, but in Europe and beyond throughout the world.”

Global economic growth is slowing but we are not set for a disaster
Gita Gopinath, First Deputy Managing Director, International Monetary Fund: "We are seeing a global economy whose growth is slowing without a doubt. We have central banks who are raising interest rates precisely to slow their growth so as to bring down inflation.

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Published June 09 2022