class, pressure secretary jack lew, the full interview in this hour. we begin with our market minutes, it was a brutal day for stocks across the board. the nikkei was down over 3%, you have weaker manufacturing data. it spread to europe. european banks got hammered. the euro stocks down, and that spread over to the u.s. year, could not recover data at 1% across the board. joe: at one point, it looked back, butuld bounce it was a brutal day for emerging markets. everywhere you look, wiping of the gains we saw yesterday. alix: utilities may be a little bit in the green. highlight a couple stocks, one is apple. did not participate in the sellouts today, reversing its downtrend. the best again in five weeks, quite a reversal since earnings last week. i did want to put the rally into perspective. 250take apple versus its day average, that is a bananas chart. much lower it is then all those averages, and how quickly it got there. joe: a nightmare. alix: there you go, the title for that. and twitter, another record low for the stocks. talk about earnings slum

treasury secretary jack lew in puerto rico trying to convince congress to step in to help the struggling island while many are worried we are setting a very dangerous precedent. peter barnes is there with the secretary for fox business exclusive. that is coming up. david: we await that. meanwhile hundreds of protesters targeting citadel headquarters, hedge fund run by ken griffin in chicago. they are demanding higher taxes for the wealthy. our own jeff flock at the beginning of it all. what is the latest? reporter: citadel that the is building. citadel means fortress but today the fortress was breached it was quite a scene in dearborn streets. hundred of protesters gathered on federal plaza, surprised everyone with, surprised building. bottom protesters inside of the building and handcuffed themselves to each other inside of cylinders that made it impossible at least for a time to have police separate them. this is the message. citadel run by ken griffin, the wealthy make too much. they introduce ad proposed budget for illinois. maybe they have better luck passing a budget than the legis

as you mentioned jack lew today immediatie i meeting with euro group president today. i had a chance to ask him about that, he says he is confident the euro group will find a way to reach an agreement by their meeting next week on tuesday and i asked how close germany and imf are in terms of narrowing differences. >> there are a couple of things we can do up front this year or next year in terms of debt management. simply trying to reduce the cost of the main loans, loan package for the greeks. that we can do in short-term. long-term we have a number of options. debt maturity, grace period, looking at the interest rates also for the years to come. my preference listen to have quite clear choices in what kind of measures we are prepared to take and then see when they are needed and that is also listening to my german colleague. he makes the point quite rightly, let's see what is needed in the future. we don't know what is needed in the future. we can estimate it. we don't know for sure. so let's move on. >> some movement. >> there's been movement on both sides. those wh

lew and theh jack showdown.honest, it reflects the fact that the g7 has started to shift towards structural reforms. that is something that should ring bells for japan and other economies in asia that have also postponed their structural reforms. there was no communiquÉ after the meeting of finance ministers. there was no coordination. everybody was expecting something cute >> everybody was expecting coordinated fiscal approach. the joint press release does volatility and orderly moves are a threat to global recovery. however, the disagreement is quite obvious. japan came out announcing that does not necessarily reflect a view of all the participants in the meeting. angie: what happens if they do go rogue? will lookve the u.s. very closely for any signs of fx manipulation in the markets or that limits the space that governor kuroda has to implement depreciation. angie: can japan afford that economically? can it afford not to? >> economically, we saw porter when gdp on the upside. the detail show not such a rosy

nicole: jack lew in puerto rico yesterday to move quickly on rescue package for the territory. business exclusive lew told peter barnes that he's supporting a restructuring, not a bailout. peter peter what we have said that to solve the problem there's only so many choices, we structuring with oversight is the right solution. if you don't do that, then you either have chaos or a bailout. we are not talking about a bailout. we structuring is the alternative for bailout. pete pet but you need last week you wrote congress that without legislation, quote a taxpayer bailout may become the legislative course to address escalating crisis. >> right, bill, they are trying to characterize what congress is working on incorrectly as being a bailout. the reason that that's so dangerous, it's the alternative to a bailout. it's not a bailout. there's not a taxpayer dollar involved in restructuring. restructure asking what a business goes through when they go through chapter 11. nicole: 422 million-dollar debt payment and made default on 2 billion-dollar payment that comes due july 1st. lauren

. >>> next, treasury secretary jack lew.ith reporters on the domestic and global economies and his upcoming trip to the g-7 summit. the event was hosted by the washington bureau of the christian science monitor. it's 50 minutes.

class, pressure secretary jack lew, the full interview in this hour.n with our market minutes, it was a brutal day for stocks across the board. the nikkei was down over 3%, you have weaker manufacturing data.

jack lew argues the u.s. most of puerto rico through its debt crisis.hy these are very challenging times for hedge funds. all this and more coming up on "bloomberg best." ♪ yvonne: this is "bloomberg best." time to review some of the most intriguing interviews on bloomberg television. when the federal reserve may pull the trigger on its next rate hike.john williams. >> for you on board last week with the fed's decision to not move on interest rates? >> yes, i was. i think we are in a very dated panic mode. we want to make sure we have a good reading and understanding of what is happening both in the u.s. economy in terms of growth, jobs, and inflation. and also make sure we have a good read on what's happening globally. that does affect the u.s. economy. i am a supporter of the decisions we have made this year. i do also support the statement we put out. i do expect us to be raising the rates gradually over the next couple of years due to the strength in the labor market. >> what does john williams have to see when he sits down at the table in june to s

jack lew really warning the market we are not on the brink of a recession.ave you look at the economics? clearlyhe fed is thinking we are not in risk of a recession. a want to raise rates. we think they're looking backwards at the data. the markets, on the other hand, are forward-looking they are quite concerned about that. if you have kind of the yield curve getting inverted, that is a good and reliable indication of a recession. we are 7.5 years of a bowl equity market, and profit margins do not expand forever and ever, there is a possibility of a recession on the horizon the within the next -- manus: a global recession, u.s., chinese? david: all sorts of geopolitical risk factors out there. you have the china hard landing scenario, the brexit if you come of strength. all of these issues are giving investors quite a bit of anxiety. that is reflected in the equity volatility. manus: i'm going to show you a chart here, if we committee bring up what is my monitor year, the fix is ratcheting higher. america,of ratcheting higher, jpmorgan is saying, if i look i

. >>> treasury secretary jack lew has suggested he will urge other nations to not engage in competitive dee valuation. this is aimed at intentionally reducing currency policies to make exports more competitive. another treasury officials expressed concern that global demand has been sluggish despite steady growth of the u.s. economy. the officials stressed the need for g7 to boost the global economy through monetary and fiscal measures and structural reform. >>> checking the markets. tokyo stocks closed higher on tuesday with the nikkei extending gains to second day. for details we go to our business reporter, phoebe amoroso at the tokyo stock exchange. >> when a driving stock in the market is oil prices, a weaker yen. the nikkei average finished up 1.1% closing at 16,652. the index closed higher two sessions in a row and the topix also gained more than one percent. oil developers followed strongly following rise in crude prices, rising more than 3%. apple suppliers are in demand after it was announced that investor warren buffett purchased a $1 billion take in the phone maker. on the f

jack lew making comments from d.c., speaking on a range of issues, saying the risk to global economymic. he is commenting that the economy is doing well, there are risks globally. he says a brexit would be bad for the u.k. and the globe. in terms of stability, they would be better off if a brexit were avoided. puerto rico is seen challenges, but seeing some stabilization. he is weighing in on the issue of the brexit. apple has announced it is backing dd. it is being seen as a blow to uber's hopes in china. joining us, tim higgins. let's talk about what is propelling apple to do this. investment, a tiny steak. what is this about? tim: there is a race to develop the future of transportation. help apple down the road if it is going to do its own driverless car. latest technology is going to hit the masses is through car hailing services. that would be the investment theory behind gm's stake in lyft. about where it does go. china has been a week's pot for apple, getting into that market, we have seen partners make sense. is this an entry point for other services? in the could help apple

they did have a meeting with jack lew and he did not think that way at all. he said the disorderly movements, we are far from it. let's listen to the finance minister of japan. there are no peter discussions between us. betweenated discussions us. natural to have gaps in perspective. the only difference between the u.s. and japan, the u.s. dollar is a reserve currency. >> downplaying the friction a little bit on that soundbite. the tensions were a bit high. the sharpest dissidence we have seen between the two countries. they probably just agreed to disagree. very different from what japan was saying. global growth is going to be top of the agenda as well as foreign policy and climate change. we will see if we get any kind of consensus. angie: the u.s. has warned japan and its neighbors not to engage in competitive currency devaluation to boost their exports. there is one factor helping keep things in check. >> the u.s. treasury has been on the offensive. the last semiannual fx manipulation report and stu four asian currencies -- points to four asian currencie

jack lew says "we are disappointed the bill does not provide a long-term medicaid solution." to foster economic growth and puerto rico? rep. bishop: it does. the key issue for the job loss has in the high cost of energy. to streamline the process of we can work cost of energy and lower jobs back to the island. we will work with the island government to make those. that is the crux to bringing jobs back to the islands of people can go there and have good jobs. other issues are secondary. the markup starts tonight and goes into tomorrow. i wonder if there are any big changes on the way. rep. bishop: once we pass this bill, and we are in the cusp of doing that, we will show the market and anyone else that we have a path forward to solve this problem that has been decades in the making. we will put conservative problems into effect -- prin ciples into effect. david: homebuilders be estimates. best beat estimates. julie: this is helping homebuilder stocks. the etf is up by about 3% today after the new home sales rose to their highest since 2008. pace outpacing what economists esti

francine: jack lew has been urging europe to provide debt relief to greece.oncerned that if we do not get the relief and if we do not have a solution for greece in the next couple of weeks or months, we may look at another some of on uncertainty on greece, on brexit and the eu like we did last year? notdijsselbloem: no, i'm worried about that. we are at a completely different situation than we were a year ago. ek government is very constructively working with the european partners to improve the state of the economy, to improve public services and administration in greece. they are fully committed to the program, which is a completely different situation from where we were a year ago. on that basis of that confidence, we are now entering into a discussion about debt relief. if you look at debt sustainability, greece has a h igh sovereign debt. we have given them a long time to do with that. on average, 32 years. interest is very low. we stand ready and are now discussing to do more. francine: are you worried or is their key concern for a lot of g-7 finance ch

our guest is treasury secretary jack lew. we appreciate his coming back before his trip next week to anchorage, and then to the g7 foreign ministers meeting in japan. our guest flirted with a journalism career while he was editor of the forest hills high school beacon. he evidently thought better of it, and while in college caught the washington bug working for representatives, earned a bachelor's degree at harvard and a law degree at georgetown between. he learned politics from a master in his role as principal deputy policy adviser to house speaker tip o'neill. as a special assistant to president clinton in '93 and '94, he played a key role in designing americorps. he was director of onb. he led the clinton budget team, the united states government posted a surplus for three consecutive years. he was chief operating officer of new york university, and then chief operating officer for two different citigroup business units before joining the obama administration in 2009 as deputy secretary of state for management and resourc

clinton has staked out the position that the obama and jack lew has said this is not the bill we want. it doesn't include the fiscal expansion we would like to have seen. it is something that will avert the catastrophe. the obama administration is behind this bill. so is hillary clinton. up next, calvin calming and from the virgin islands on our democratic line. you are on. good morning. the virgin islands is facing a looming debt the virgin islands is also facing a debt crisis. we have a huge unfunded debt problem in the territory. i would like to know what protections territories might have that cities and dates would have. we know that detroit filed for bankruptcy. and whether there is any debt relief plan to put in place a financial oversight board to look at how any kind of relief programs given to the territory would managed -- would be managed by someone outside of the territory? question.at you mentioned a few things. u.s. virgin islands, i don't know exactly what the pension problems are, but pension liabilities are also a big problem for puerto rico. have about $46 million o

peter barnes is in puerto rico and will sit down with secretary jack lew today, lieu today p.m.eastern on the deepening financial crisis. nicole: back to back losses for the shanghai composite. pressure on the chinese index and that is down 2.8% today. korean cos pi down half a percent. gainers would be japan nikkei that's up and hong kong's hang seng. lauren: dax in germany up 180. solid gain across the board. today we are seeing some up arrows. nicole: s&p futures up 5. lauren: this is how commodities are trading this morning. that's up almost a barrel. gold down $14 to 12.79 an ounce. nicole: california judge to rule, redstone the 92-year-old sharehol the judge might dismiss the case after he heard video testimony from red-stone, excompanion. he was mentally incompetent when he reconvicted her last fall and removed her as health care agent and also written out of the will. lauren: investors will get earnings, expected to report higher, second-quarter profit in revenue thanks to box office success, the number of sub subscribers, tom was one seen stepped down as chief operating

and that's put him at odds with jack lew who has had they have been orderly and don't warranty any interventionalso the central bamg's decision last night not to move despite volatility in the markets. there is a larger discussion whether or not --. >> i think there is a policy effect and certainly the ecb has also proven the policy effect of its monetary policy. yet the mor expansionary it becomes you have to wonder what more effect you can get. and at the moment for effect can come actually from structural reforms. sound policies from governments rather than an even more expansionary monetary policy. so there is the balance. i think we politicians need do more and only then the central bankers can do less. >> and two other euro zone issues here at the g7 meeting. the brexit vote next month and greek debt deal. dijsselbl dijsselbloem telling me he is highly optimistic that a deal will be reached finish their next meeting on tuesday. >> akiko thank you very much. live in sendai japan. i've actually been there. that is where the tsunami was and earthquake and very close to the nuclear disaster.

the question was brought up ,uring the g7 and jack lew said look, there is a pretty high bar to it one is 2011 when japan was sanctioned to sell the yen after this devastating .arthquakes and tsunamis still a long way from those extreme situations. rishaad: of course, the yen waiting on next is. what does it mean for all the comics? -- abenomics? the buzz that we had has really fated pity yen strength really taking a beating on exports for the month of april following 10.1%, worse than expected. the seventh month that we have seen exports declining. that is because of the strong currency, rising 5% in april. we saw the recent earthquake in the aftermath, some come -- some supply constraints. the u.s. andnts in exports to china both phone, as well. you saw the drop of oil prices importdampening the picture, tumbling 23.3%, the biggest drop in seven years, the largest surplus in trade we have seen in over six years. the bank of japan said hovering yen -- rishaad: joining us now from sydney is john fellows. great to see you. what do you make of events there in japan? look at if picture to

it has yet the lead out-of-the-box, and there is a slight paper tiger, because as jack lew put it, theurdle to describe the yen as a disorderly market, where the u.s. would permit intervention, is by no means met. francine: so they can't intervene, or they are just waiting for the g7? there's nothing worse than intervening -- >> i think they will want a non-from the u.s., and i don't think they will intervene, but i think they will come back with an even more aggressive plan, and i think it will reserve in some part the funding for lending program, which the bank of england put in place in 2012-2013, where rather than using negative rates to paralyze banks, you pay them to take money off you to lend it -- francine: which is what we thought he would do last time. selected governor kuroda not deliver? there seems to be an underlying thought that he doesn't want to be in the trap where he sees janet yellen being. >> i think you just have to learn from draghi. you have to keep on pleasing the market, if secretly. arm,e got the intervention and you have to keep hammering at home. the market

jack lew warns that puerto rico may need a u.s. government bailout if congress doesn't act. he is calling on lawmakers to pass a bill to help the island or what he called "a series of cascading defaults." his comments came as puerto rico miss the deadline for $422 million in bonds. the first u.s. cruise ship to cuba in nearly 40 years across the florida straits and pulled in to have an essay. -- into havana today. havana areuise is to expected to bring cuba millions and badly needed for an current thcy. the improbable has happened -- leicester city, 5000 to one underdogs, are the champions of the premier league. the football league secured the first title of its 132 year history after it went 2-2 at chelsea. from bloomberg world headquarters in new york, i'm mark crumpton. ♪ emily: i am emily chang, and this is "bloomberg west." coming up, our exclusive interview with troy carter, ceo of the factory. we get his thoughts on whether winter is coming to silicon valley. plus, how the granddaddy of the gaming industry nolan bushnell who created atari and centipede. we will ask th

jack lew was in favor of fx policy that japan has when it came to interbeing with the yen.her side, you have the u.k. and germany not supporting extra deficit spending. how is japan going to bridge this gap? here is the prime minister talking about what he expects. primus drop a: -- prime minister abe: the biggest theme will be to talk about the global economy. now it is time for the g-7 to deal with these situations, and i hope the summit will contribute a strong message that contributes to strong growth in the world economy. yvonne: and on top of the global economy, leaders will be talking about brexit, terrorism, tax evasion issues in light of the panama papers. and you cannot forget china when it comes to the impact of the slowdown in global recovery, as well as the week ending of the yen, as well as the tensions mounting on the south china sea. manus: you mentioned china, there is no irony lost in the world that china is not on the guest list. on the yeah, they are agenda, but not having a seat at the table. that is an interesting dynamic, because it raises the questio

jack lew saying he did not think the recent moves in the yen showed on a disorderly movements quality, whereas the finance minister talking about how one side is speculative. a flexible approach to fiscal policy. primes what the minister is stressing. no response from the other g-7 nations on that approach. francine: are we expecting anything different from what we had from the finance chiefs? pan, discussing the global economy. they are talking about risks and problems firing up at home. >> yeah, it's interesting that -- we talked about how monetary policy central bank governors are losing their analysts. the piling up of european challenges, yeah, as much as european leaders do not want to talk about the issues it seems like they are rearing into some of these conversations, to brexit. geopolitical risk in homegrown terrorism as well as a refugee crisis. withsay they are dealing problems at home, which is anderson because leaders at the summits are seen as the dealmakers or the solution makers -- which is interesting. but they are dealing with so many issues domestically, it why bot

that's from jack lew. that's where we found peter barnes who spoke with the treasure secretary about the financial crisis. good evening. >> reporter: well, good evening, brett. the treasury secretary came to puerto rico to emphasize the cost of the island's financial crisis. the administration also hopes that the visit will put pressure on congress, especially some republicans to support a bipartisan bill to help the territory restructure the $70 billion in debt. the government here already failed to make hundreds of millions in debt payments and says it will miss more. now the administration is also warning that without this debt restructuring legislation, congress might have to consider a cash bailout for the territory. puerto rico's governor says possibly $20 billion or more. the treasury secretary would not comment on that estimate. >> what we are working with congress on now is not a bailout, it is restructuring. what we have said is to solve the problem, there is only so many choices. restructuring w

eastern time don't miss our exclusive interview with jack lew, joining us in los angeles. ♪ ♪ this ismberg." let's start with headlines. mark crumpton has those from the newsroom. mark: today's indiana primary is the one thing that stands between ted cruz and plunging off the cliff, according to ted cruz. if he loses donald trump -- could be all but unstoppable. the latest poll had mr. trump with a double-digit lead. innwhile the democratic race indiana is much closer. hillary clinton has a commanding lead over bernie sanders in the number of delegates. foreign corporations with scaled-back plans to invest in the u.s. if donald trump becomes president according to a survey conducted for 80 carney. they found it the election of a populist like bernie trump and -- or mr. sanders would prompt more corporations to scaled-back outlays. in ireland, ed mckenney ninth have to wait another week before he's confirmed for his second term as prime minister. he's lost three votes in parliament since his coalition was defeated. last week the two biggest parties reached an agreement, paving the way

meanwhile, treasury secretary jack lew visits puerto rico next week to highlight the impact of that debt prosecutors in geneva are expanding their investigation into credit suisse and one of its former well managers according to people familiar with the matter. prosecutors have identified three more employees as suspects. cash pilehathaway's will probably back above $50 billion by june. that will give chairman warren buffett a bigger budget for purchases. billion after completion of the january deal that will likely jump in june when he is allowed to deem shares held by berkshire. that is the bloomberg business flash. donald trump is the presumptive republican presidential nominee. many party leaders are withholding their endorsements, at least for now. that includes house speaker paul ryan who says the billionaire needs to demonstrate he shares conservative values. trump firing back saying i am not ready to support speaker ryan's agenda. perhaps in the future we can work together and come to an agreement about what is best for the mark and people. they have been treated so badly for so

treasury secretary jack lew will be visiting puerto rico on may 9.at his calls for a congressional action to provide puerto rico with access to an orderly restructuring regime and independent oversight. how the also highlight crisis has harmed the health and welfare of the island. now we are turning to something completely different, much anticipated superhero sequel captain america, civil war is out. they have already made major global's dollar early -- major dollars globally. what will it do in the united states during its opening weekend? joining us is eric davis. much money do you think captain america will bring in. eric: analysts think it could make as much as $200 million the opening weekend but i think the 200cast is $180 million to million dollars. it is the highest by margin -- by marvel. vonnie: paul, have you seen it? : the reviews are fantastic and we are going to see it this weekend. used to bebox office memorial day but now they are opening in the beginning of may. mark: it seems that they have the midas touch with marvel and pick star

treasury secretary jack lew warns puerto rico may need a act.ut if congress doesn't he is calling on lawn the first to pass a bill to help the island prevent what he called a series of cascading defaults. comments came as puerto rico missed a deadline for $422 million bond payments. the first u.s. cruise ship to cuba in nearly 40 years crossed the florida straits and pulled into havana harbor today. the adonia and its passengers left miami yesterday. american cruises to havana are expected to bring cuba millions in badly needed for in hard currency if traffic increases. the improbable has happened. city, 5000 to 100 dogs at the beginning of the season, are champions of england's premier league. second placed tottenham drew 2-2 at chelsea. from bloomberg world headquarters in new york, i am mark crumpton. emily: i am emily chang, and this is "bloomberg west." coming up, our exclusive interview with troy carter, ceo of the factory. we get his thoughts on whether winter is coming to silicon valley. plus, how the granddaddy of the gaming industry nolan bushnell who created atari and cent

interviews with jack lew took place the milken institute local conference.ch more from the gathering of the world's leading thinkers and doers in business and finance. this is "bloomberg best." ♪ ♪ yvonne: you are watching "bloomberg best." this week we caught up with some of the biggest names in business, finance, politics and economic policy at the milk institute global conference in los angeles. from tax reform to the future of hedge funds, the risk of brexit, here is a look back at some of our most interesting conversations. the united states is the only country, the only one of the developed countries that taxes not only when he earned in the united states if you're a taxpayer, but it taxes everything you earn in the rest of the world when you bring the resources home. for certain industries that put you in a very big competitive disadvantage to countries who have all the headquarters here and a lot of operations here and can invest the money that they earn overseas back into the united states where a u.s. domiciled taxpayer cannot. companies doing conv

they are willing to take action against disorderly moves in the currency while jack lew counter thatecent moves have been orderly, giving no reason to intervene to weaken the yen. we will see the yen's from a three-week low versus the dollar. it is currently up 6/10 of 1%. our next guest warned earlier this month that the biggest risk cks is the. sto rising yen. the tailwind that japan received, i'm not surprised that no one was asking the fed during the g-7 where the yen was headed and how that will play in the u.s. markets. the yen is representative of confusing intro market trends with respect to u.s. stocks . the yen is rising and the dollar is falling, yet treasury yields were not rising. when you put all that together come you get a mix that is not friendly for stocks usually. we are probably due for something of a correction in stocks. we have had that correction now. we are moving on to what is central-bank policy going to do around the world? this is highlighting some of this weekend's meeting as well. where is the fed had it? eaded? we find out all this information in the m

treasury secretary jack lew warns puerto rico may need a act.ut if congress doesn't he is calling ont to pass a bill to help the island prevent what he called a series of cascading defaults. comments came as puerto rico missed a deadline for $422 million bond payments. the first u.s. cruise ship to cuba in nearly 40 years crossed the florida straits and pulled into havana harbor today. the adonia and its passengers left miami yesterday. american cruises to havana are expected to bring cuba millions in badly needed for in hard currency if traffic increases. the improbable has happened. leicester

jack lew warns that puerto rico may need a u.s. government bailout if congress doesn't act.alling on lawmakers to pass a bill to help the island or what he called "a series of cascading defaults." his

that's from jack lew.t's where we found peter barnes who spoke with the treasure secretary about the financial crisis. good evening. >> reporter: well, good evening, brett. the treasury secretary came to puerto rico to emphasize the cost of the island's financial crisis. the administration also hopes that the visit will put pressure on congress, especially some republicans to support a bipartisan bill to help the territory restructure the $70 billion in debt. the government here already failed to make hundreds of millions in debt payments and says it will miss more. now the administration is also warning that without this debt restructuring legislation, congress might have to consider a cash bailout for the territory. puerto rico's governor says possibly $20 billion or more. the treasury secretary would not comment on that estimate. >> what we are working with congress on now is not a bailout, it is restructuring. what we have said is to solve the problem, there is only so many choices. restructuring with

treasury secretary jack lew said countries have to refrain from competitive devaluations and describes the moves as orderly. the contrast with the japanese finance minister said that the yen's appreciation was one-sided and speculative. the bank of japan governor kuroda said he's willing to pull to reach the target. kuroda said the sharp slump in commodities has forced major economies to push back the inflation targets. we have had this g7 meeting over the weekend, akiko, what do you think of how it was viewed successful or not? >> reporter: well, not a whole lot to be frank because japan in all the g7 countries essentially went into this meeting hoping to perhaps hash out a framework for a coordinated fiscal stimulus. they walked away without one and essentially left it up to the countries to come up with a good policy mix to boost their economy. so there was no unified front in terms of the two-day meeting. now, i did get a chance to speak to governor kuroda. he insists that the boj has plenty of ammunition left despite all the criticism that the central bank has gotten regarding neg

you saw that over the weekend between jack lew and the japanese finance minister. about what is disorderly in the fx market. david: when we went to the g-20, jack lew was concerned about china and they can sure we are coordinating. we thought the problem was with china. and now japan and the yen are looming much larger. jonathan: a lot of tension between china and japan. there are winners and losers from a stronger dollar and a weaker dollar in both countries. they are on the opposite side of that trade. these guys have got to get together in smooth this out a little bit. there is a big foreign-policy issue here between the two countries as well. vonnie: policymakers have succeeded in bringing back the yen. it wasn't 106 and change for a while. think that's what one against the japanese finance minister. there was some stability ahead of g7. david: now we are going to go to john chambers. during his reign at cisco, the company's annual revenue is up to $47 billion. now he is helping to lead the company into the next wave of growth. theoins us now from bloomberg bre

. >>> next, treasury secretary jack lew. with reporters on the domestic and global economies and his upcoming trip to the g-7 summit. the event was hosted by the washington bureau of the christian science monitor. it's 50 minutes. >> tv reporter from boston. >> good to see you. >> just retired this year. [ room noise ] >> you're going to be right here, sir. >>> we're going to start right on time this morning. i'm dave cook from the monitor. thanks for coming. our guest is treasury secretary jacob lew. his last visit was in july 2015 and we appreciate his coming back before his trip next week to anchorage and then the g-7 foreign ministers meeting in japan. our guest flirted with a journalism career while he was editor of the forest hills high school beacon. he evidently thought better of it and while in college caught the washington bug, working for representative bella abzug and joe moakley, earned a bachelor degree at hafshtd and a law degree at jpmorgantown. between '79 and '87 he learned politics from a master in his rol

jack lew urged the g7 nations to avoid the excepty currencies in devaluations. lew warned it could start a chain reaction into shrinking global pie. david bloom is with us, global head of foreign exchange strategy at hsbc. and jeffrey is here from ubs, you have been on a couple times together. david, we'll start with you and just start with whether or not we're going to see any changes to global intervention given the warnings out of g7. >> i don't really think so. as we have argued, the one that could break ranks is japan because obviously they are up happy with the yen. the forecast is still 115, but it's not a popularity contest here, it's a battle. and the japanese authorities are battling against the market. so it's been well behaved. and we've given peace a chance. and i don't see that changing for a while. >> your research note, david, is full of the risk on, rest oisk . tech last week as an example, strong retail sales in the u.s. yet we risk off the dollar is stronger, the yield is lower and equities are lower. that's the risk off world. and in the risk

treasury secretary jack lew. [ speaking german ] [ german accent ] >> seth: "and i do not blame him forg i was joking. as i have a reputation for being a merry maker! [ laughter ] stand-up comedy." the e.u. has always been a difficult project, partially because while these countries share a continent, they don't have a common political system or a single political identity. and those differences bubble to the surface every time they debate an issue. the germans lecture the greeks to work harder, the french complain that the italians are and e.u. critics often mock the organization for its inane bureaucratic rules. for example, a 1995 directive that issued guidelines for the growing of bananas which specified that bananas with an extreme or unsightly curvature were to be discarded by growers. an unsightly curvature. you never want to here a banana described in a way that would bum you out if it came from your doctor. [ laughter ] "have you had the unsightly curvature for more than three hours? that's not good." [ laughter ] incidentally, unsightly curvature also an acceptable definition

. >> brown: the government wants help from washington and key figures from jack lew to house speakeran are looking for possible solutions including new legislation that would allow puerto rico to file for a kind of municipal bankruptcy, as detroit did. for the moment, though, there's a political stalemate. if, as governor garcia padilla warned, a bailout by taxpayers is inevitable. >> we are optimistic entrepreneurship is the way forward. >> brown: for some, the picture is brighter, filled with opportunity. piloto 151 is part tech incubate around meetup space operating office space and training to would be entrepreneurs. sofia stolberg is the co-founder. >> when there is economic pain, there is economic opportunity. we believe entrepreneurship and high-growth entrepreneurship is what's going to help us out of this fiscal crisis we're in. >> how does that do that? it will eventually get to a critical mass where we'll be able to have at least one big home run that we'll be able to change the economic landscape forever. >> brown: it's a lot to hope for and maybe years away. the territor

treasury secretary jack lew in puerto rico trying to convince congress to step in to help the strugglingwhile many are

. >> treasury secretary jack lew discusses the global economies in a breakfast hosted by the "christian science monitor." he also talked about puerto rico's debt crisis. this is moderated by david cook. it is just under one hour. mr. cook: ok, we're going to start right on time this morning. i am dave cook from "the monitor." thanks for coming. our guest today is treasury secretary jacob lew. his last visit here was in july 2015, and we appreciate his coming back before his trip next week to anchorage and then to the g-7 foreign ministers' meeting in japan. our guest flirted with a journalism career while he was the editor of the forest hills high school "beacon." he evidently thought better of it and while in college caught the washington bug working for representatives bella abzug and joe moakley, earned a bachelor's degree at harvard and a law degree at georgetown. between 1979 and 1987, he learned politics from a master in his role as principal policy advisor for the house speaker tip o'neill. as a speak assistant to president clinton in 1993 and 1994, our guest played a key role in

jack lew saying they are relying too much.t theg to bloomberg conference in los angeles, he added that japan had other tools it can work with. japan needs to do is use all of the policy levers, not relying excessively on one lever, which is monetary policy. they need fiscal policy to work, structural reform that works, and they have had aggressive monetary policy. anna: speaking to our colleagues in the united states, let us get more expert on this. jane foley, senior fx strategist. mapping out the challenges for the abe administration, does that count as g 10 or g-20 pressure on the japanese, not to do anything with the currency? or is that just pointing out obvious structural reforms. jane: this is quite interesting. we know that u.s. treasury are in course in charge of dollars on at the fed. akin february, there has been all sorts of rumors that the u.s. authorities have been pushing against currency. and a document on friday, this is a document from the u.s. treasury that was going to be passed into law. along japan on a l

jack lew, the u.s.reasury secretary, said the recent moves in the yen were not overly disorderly, not all that volatile. hasjapanese saying the yen a one side that is speculative. this discussion of intervention still remains to be seen and answered. on the flipside, you have a likes of the u.k. as well as germany not in favor of extra deficit spending. so how is japan going to bridge viewsap of competing ? here is what chair abe had to say. determined to work closely with the united states, in addressing various challenges of the international community, based on our robust alliance, namely the alliance of hope between japan and the united states. i know that china is on the agenda. even though no chinese delegates were invited of course, at least the leadership are not there. but that does stop them from talking about chinese growth and the steel situation there. yvonne: yeah, as well as the weakening yen, and the tensions mounting on the south chyna t. una sea. that is an interesting dynamic we do se

and japan, and you had an effect humiliation of japan by jack lew, the finance minister, when he warneden you had prime minister abe lecturing obama with regard to okinawa. if these were friends, i would not like to see enemies. francine: which is a fair point, but it is good for them to talk. john: it is a low barrier. [laughter] league of nations is a little bit tough. thing whereays this each of these meetings, somebody's agenda moves into it. i think shinzo abe is looking for some degree of security, some degree of support so he can call off the sales tax increase. i think he will probably have to go ahead with that anyway. it is not entirely ideal. let's go over here to the photos. ian bremmer tweeting on a photo. there it is. very nice. you have the leaders lined up. the outrage in paris is everybody is being chummy, the chancellor, trudeau, the president. is allng -- hollande alone. this goes back to the labor unrest and the new populism in france. leaders dealing worldwide with populist streaks. that is exactly it. we were thinking about captions for that picture. one could be,