Tokyo, 9 October, /AJMEDIA/
Finance Minister Shunichi Suzuki plans to visit Washington this week to attend a meeting with other Group of 20 finance chiefs amid energy and food insecurity caused by Russia’s war in Ukraine and growth concerns prompted by monetary tightening to fight inflation.
The forthcoming G20 finance chiefs’ meeting is scheduled to take place on Wednesday and Thursday in Washington on the fringes of gatherings related to the International Monetary Fund and the World Bank.
“On the agenda will likely be tackling food and energy insecurity due to Russia’s prolonged invasion (of Ukraine) and the impact of monetary tightening to fight inflation on the global economy. If I do participate, I’d like to seriously engage in discussions,” Suzuki told a press conference.
The meeting comes when the dollar has been gaining broadly against its counterparts as the U.S. Federal Reserve has been raising interest rates to rein in inflation.
The yen subsequently weakened to its lowest level in over two decades versus the dollar, leading Japanese authorities to intervene to stop the Japanese currency’s further slide in late September.
A strong dollar can help the United States curb inflation but it can also cause capital outflows from emerging economies.