U.S., Japan agree to address Ukraine war-driven foreign-exchange volatility, economic challenges

TOKYO, July 12 (Reuters) – U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to even further strengthen bilateral ties and work jointly to handle growing food stuff and vitality prices exacerbated by Russia’s war in Ukraine.

They said the war had improved trade rate volatility, which could have adverse implications for economic and money steadiness, and pledged to keep on to talk to intently on international trade markets and “cooperate as ideal” on forex troubles, in line with their commitments as part of the Group of 7 (G7) and Group of 20 economies.

The two leaders also urged China and other non-Paris Club collectors to cooperate “constructively” in doing the job out personal debt remedies for small-revenue nations struggling with financial debt distress, and underscored the want for coordination to ensure good load-sharing amid creditors of Sri Lanka and other vulnerable center-earnings nations.

Their joint statement also touched on issues ranging from weather change to international tax reforms and a rate cap on Russian oil that the United States has proposed to prevent Moscow from benefiting from making use of greater oil prices to fund its war in Ukraine.

Reporting by Andrea Shalal And Tetsushi Kajimoto
Enhancing by Shri Navaratnam

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