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

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 deal was reached in a 45-minute meeting between Shunichi Suzuki, the Japanese Finance Minister, and Christian Lindner (German Finance Minister), who were visiting Tokyo for bilateral consultations.

The global banking stock market has been ravaged since Silicon Valley Bank collapsed, and Credit Suisse was forced by central bank funding to $54 billion. This raises questions about other weaknesses within the financial system.

The ministers met as German Chancellor Olaf Scholz, and Fumio Kitai, Japan’s Prime Minister, began their first consultation with the government. They wanted to discuss ways to ensure economic security.

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

The official stated that both sides had agreed to monitor financial developments closely and coordinate when necessary.

Japan was elected this year to replace Germany as the chair of the Group of Seven industrial power, which includes the U.S., Canada, France and Italy.

According to the official, Suzuki and Lindner had agreed to prioritize sanctions against Russia for its invasion of Ukraine, support for Kyiv and other actions. They also aimed to reach an agreement on global digital taxes and to implement it. The official stated that they were also working to resolve debts in developing countries within the Group of 20 framework.

They both agreed on the importance of strengthening supply chains as an economic security element.

(Reporting by Tetsushi Kajmoto; Editing By William Mallard

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