Democratic presidential nominee Barack Obama said on Friday a mounting financial crisis required coordinated global steps as he focussed on the U.S. economy and rejected Republican John McCain's personal attacks.

Business & money: Outlook for the housing market and high street 'bleak' and about to get 'a whole lot worse'

As the nation's economy flirts with a recession, corporate executives, politicians and academics meeting in Chicago on Thursday said America's businesses must be prepared for a fight if they're to retain their global competitive edge.

Today's global economic and financial system is characterized by increasingly interconnected financial markets and expanding cross-border capital flows.

(Adds comments on likelihood of serious downturn, state of global economy.) NAGOYA, Japan -(Dow Jones)- Japan's economy may remain sluggish for the time being but will probably avoid a serious downturn, the Bank of Japan's governor said Tuesday.