U.S., Japan agree to address Ukraine war-driven foreign-exchange volatility, economic challenges1 min read
TOKYO, July 12 (Reuters) – U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to further reinforce bilateral ties and do the job alongside one another to handle growing food and energy price ranges exacerbated by Russia’s war in Ukraine.
They said the war had greater trade price volatility, which could have adverse implications for economic and fiscal stability, and pledged to proceed to consult with intently on overseas exchange markets and “cooperate as appropriate” on currency concerns, in line with their commitments as part of the Team of Seven (G7) and Group of 20 economies.
The two leaders also urged China and other non-Paris Club lenders to cooperate “constructively” in working out personal debt therapies for minimal-profits nations experiencing personal debt distress, and underscored the want for coordination to ensure truthful burden-sharing amid lenders of Sri Lanka and other susceptible center-profits nations around the world.
Their joint statement also touched on problems ranging from climate modify to world-wide tax reforms and a cost cap on Russian oil that the United States has proposed to avoid Moscow from benefiting from using bigger oil charges to fund its war in Ukraine.
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Reporting by Andrea Shalal And Tetsushi Kajimoto
Editing by Shri Navaratnam
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