Group of 7 (G-7) leaders held a phone conference Aug. 8 and issued a joint statement pledging to consult closely together and to act appropriately to quell market volatility. Issued before stock markets opened in Tokyo, the statement said cooperative actions combined with continued fiscal discipline will enable long-term fiscal sustainability, adding that the fundamentals in Spain and Italy have not changed and do not warrant the recent financial tensions. The statement said G-7 leaders welcome policy measures to be announced by Italy and Spain which will strengthen fiscal discipline and aid the economic recovery and job creation. Japanese Finance Minister Yoshihiko Noda confirmed that the leaders also discussed the eurozone debt crisis and the U.S. credit ratings downgrade.
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