The Bank of Japan unleashed a torrent of liquidity Thursday to quell government bond yields amid concern that higher long-term interest rates could squeeze mortgage payers and crimp spending.

The central bank announced a two trillion yen ($19 billion) fund-supplying operation after the yield on the benchmark 10-year Japanese government bond hit 1.0 percent, its highest level in over a year.

The International Monetary Fund said Wednesday that Britain was a long way from a "sustainable recovery", and called for the government to boost infrastructure spending in order to accelerate economic growth and offset austerity.

"Recent data suggest some improvement in economic and financial conditions," the IMF said in a statement published at the conclusion of its latest mission to London, highlighting recent figures that indicated an uptick in economic activity.

As debt-laden Dubai's economic recovery continues, with grandiose projects making a comeback, the emirate faces some near-term maturity of debt racked up during pre-crisis years but the prospects are not gloomy, analysts say.

Dubai is likely to manage the forthcoming obligations, part of total debt amounting to 100 percent of its gross domestic product, according to Masood Ahmed, the Middle East director at the International Monetary Fund.

Leaders of recession-hit Europe take a fresh stab at fighting tax fraud and evasion worth a trillion euros a year at a summit Wednesday but seem unlikely to convince reluctant Austria and Luxembourg to sign on.

With euro-skepticism gaining ground as European Union unemployment queues lengthen and growth slumps, there were hopes of the one-day summit producing an EU-wide crusade against tax evasion and agreement to make the bloc energy-sufficient.

Christine Lagarde would not automatically be forced to resign her job as head of the International Monetary Fund if a French court decides to prosecute her in the Bernard Tapie case.

But such a ruling could weaken her as managing director of the Fund, after having led it through four difficult eurozone rescues in her 22 months in the job.

The Bank of Japan on Wednesday held off fresh easing measures, saying after a two-day policy meeting that a continuation of steps introduced last month would help Japan overcome deflation.

The central bank said its widely expected decision to stand pat was reached by a unanimous vote by its board.

Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday.

"Overall GDP growth is expected at 4.4 percent... because oil output is likely to be lower than its average level in 2012 and the growth rate of government spending looks set to slow," said the IMF.

U.S. Secretary of State John Kerry will help ink a major estimated $2.1 billion proposed deal with Oman to supply a U.S.-made air-defense system to the Gulf nation, officials said Tuesday.

One of the main focuses of Kerry's trip to Muscat was to applaud the signing of a letter of intent between Oman and U.S. manufacturer Raytheon ahead of talks on the final contract, they told reporters traveling with him to Oman.

Manufacturers of business jets can look forward to climbing sales in the years to come thanks to emerging markets as they gather in Switzerland for an annual air show, having survived the turbulence of the global financial crisis.

But "we're still waiting for the real recovery," noted Eric Trappier, chief executive of Dassault Aviation, which will have three versions of its luxurious Falcon jet on display on the tarmac at Geneva at the three-day EBACE show that opens Tuesday.

Foreign buyers are swooping on deserted villages in Sicily to snap up homes for as little as 10,000 euros ($13,000), propping up a property market in freefall as Italy suffers its longest-ever recession.

"When you go to the pizzeria now, you often meet more foreigners than Sicilians," said Salvatore Sansemi, mayor of Cianciana, near the southern city of Agrigento.