Japan’s top currency diplomat calls for balance between economic efficiency, security

JAPAN’S top currency diplomat Atsushi Mimura on Thursday called for balance between economic efficiency and economic security amid increasing global protectionism, including higher tariffs.

Striking the right balance between economic efficiency and economic security is “a major policy issue today,” given the emerging trend of reconsidering the value of globalisation and rising protectionism, Mimura said, speaking at a symposium hosted by Japan’s Ministry of Finance.

Excessive focus on economic security and abuse of protectionist measures “will decrease the efficiency of the global economy and further raise geopolitical tensions,” he said.

“We therefore need to seek a middle way ground addressing the negative aspects of globalisation, while avoiding the slide into protectionism,” he said. REUTERS