Bank of Japan governor says US must tackle household debt

Japan’s central bank chief said on Thursday the United States must take “painful” steps to root out ills such as household debt to pull out of its downturn, warning that stimulus measures alone were not enough. Speaking in New York ahead of annual World Bank and International Monetary Fund meetings in Washington, Bank of Japan governor Masaaki Shirakawa also cautioned not to mistake glimmers of economic hope for a real recovery. Mr Shirakawa welcomed monetary easing and stimulus packages around the world, saying governments and central banks needed to convince the public that unpopular plans to salvage banks were for the greater good. AFP / Telegraph