This week, Britain, South Korea and New Zealand left interest rates at record lows, with Canada expected to follow suit, but in Asia there were signs that thoughts are turning to tighter policy.

The Bank of England (BoE) left interest rates at a record low of 0.5% and said it would keep its £175bn asset buying programme, designed to pump money into the economy, in place.

In contrast, the Bank of Korea kept interest rates at a 2% but sent a strong signal it would lift them if house prices climb much more, even if it means moving before other major central banks.

New Zealand ’s central bank left the interest rate at 2.5% citing indications that a patchy recovery has begun after an 18-month economic recession. Australia, which never entered recession, is expected to up rates before the year is out.

The European Central Bank (ECB) recently left rates at 1% and, echoing the G20 ministers, said it was too early to withdraw support from economies creeping out of recession.