Japan to chair G7 finance meeting in Washington

Japan would chair a Group of Seven (G7) financial leaders' meeting on Wednesday in Washington to discuss the global economy and financial markets, the strengthening of supply chains and the Ukraine crisis, Japanese Finance Minister Shunichi Suzuki said on Tuesday.

The G7 consisting of Britain, Canada, France, Germany, Italy, the United States and Japan, is expected to reaffirm its solidarity in providing financial support for Ukraine and sanctions against Moscow, Japanese officials have said.

Suzuki said Japan wanted to explain its financial support for Ukraine to G7 peers, as Tokyo proceeds with legal revisions needed to provide loans and other measures to back the war-torn country, reports Reuters.

"As we lead the debate as G7 chair, we will exchange frank opinions about recent market developments and inflation and want to maintain close coordination on international cooperation in strengthening of supply chains," Suzuki added. He was speaking to reporters shortly before leaving for Washington.

The G7 financial leaders' meeting will be held on the sidelines of International Monetary Fund and World Bank annual gatherings.

At the broader G20 gathering, which is chaired by India this year, financial leaders are expected to discuss support for developing countries that are saddled with debt and other issues surrounding global economy, Suzuki said.

"Japan has actively contributed to debt problems and support for developing countries. We want to explain Japan's efforts and to promote international cooperation," he added.

Developing countries have accumulated debt after years of cheap money channelled via advanced economies' monetary easing. A more recent interest rate tightening cycle, with the exception of Japan, has made it harder for some of those countries to repay debt.