Finance Minister Shunichi Suzuki and his U.S. counterpart, Treasury Secretary Janet Yellen, agreed Tuesday that volatile exchange rates pose a risk, and pledged to consult and cooperate as appropriate.
¡°The economic fallout from Russia¡¯s invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability,¡± they said in a joint statement after meeting in Tokyo. ¡°We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments.¡±
Yellen and Suzuki also welcomed last month¡¯s statement from Group of Seven leaders promising to explore a potential price cap on Russian oil exports. The U.S. Treasury chief has championed the idea as a way to keep oil flowing to global markets while limiting the revenue the Kremlin gets to continue pursuing its Ukraine invasion.
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