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G7 finance chiefs monitor rate rises and AI risks amid Middle East
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Finance ministers and central bank governors from the Group of Seven agreed on Monday (May 18) to keep a close watch on climbing long-term interest rates in Japan, the United States and Europe, as Middle East tensions drive energy prices higher and add to inflation worries.
Key facts
- Finance ministers and central bank governors from the Group of Seven agreed on Monday (May 18) to keep a close watch on climbing long-term interest rates in Japan, the United States and Europe, as Middle East tensions drive energy prices
- She added that the G7 had also agreed to monitor market developments and respond where necessary, while stressing the importance of the Strait of Hormuz
- Katayama said she told the meeting that G7 members should reach a decision by the June summit so the group can act in a coordinated way.
- The G7 financial officials are expected to issue a joint statement before the meeting ends on Tuesday.
Summary
The discussions took place on the first day of a two-day meeting in Paris, attended by financial officials from Britain, Canada, France, Germany, Italy, Japan and the United States, as well as the European Union . Japan was represented by Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda .
After the opening session, Katayama said financial markets were already showing signs of strain. “The situation in the Middle East has fueled global inflation concerns and caused bond prices to fall, with speculative moves being seen in financial markets,” she told reporters.