Japan, Germany agree to carefully monitor markets, coordinate as needed

Japan, Germany agree to carefully monitor markets, coordinate as needed By Reuters

Breaking News


Economy 10 hours ago (Mar 18, 2023 05:50AM ET)

(C) Reuters. German Chancellor Olaf Scholz and Japan Prime Minister Fumio Kishida talk during a summit at prime minister’s official residence in Tokyo, Japan, 18 March 2023. Nicolas Datiche/Pool via REUTERS

By Tetsushi Kajimoto

TOKYO (Reuters) – Japan and Germany agreed on Saturday to coordinate closely on financial jitters stemming from problems among Western banks while carefully monitoring global markets and economy, a Japanese finance ministry official told Reuters.

The agreement came in a 45-minute meeting between Japanese Finance Minister Shunichi Suzuki and German Finance Minister Christian Lindner, visiting Tokyo for bilateral government consultations.

Banking stocks globally have been battered since Silicon Valley Bank collapsed and Credit Suisse was forced to tap $54 billion in central bank funding, raising questions about other weaknesses in the financial system.

The ministers were meeting as German Chancellor Olaf Scholz and Japanese Prime Minister Fumio Kishida kicked off their first government consultation involving multiple cabinet members from both countries, to discuss ways to secure economic security.

“Risk aversion has been seen in financial markets. We will carefully watch developments and coordinate with the central bank and overseas authorities,” Suzuki told Lindner, according to the Japanese official. “Japan’s financial system remains stable as a whole.”

Both sides agreed on the need to closely monitor financial developments and coordinate as needed, the official said, without elaborating further.

Japan succeeded Germany this year as chair of the Group of Seven industrial powers, a group that also includes Britain, Canada, France, Italy and the U.S.

Suzuki and Lindner agreed to prioritise sanctions against Russia over its invasion of Ukraine and support for Kyiv, while striving to reach agreement on global digital taxation and implement it, and steadily resolve developing countries’ debt in line a Group of 20 framework, the official said.

They agreed on the need to strengthen supply chains as an element of economic security.

Japan, Germany agree to carefully monitor markets, coordinate as needed

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

About the author