Japanese Finance Minister Shunichi Suzuki speaks during a press conference after the meeting of G7 Finance Ministers and Central Bank Governors on the sidelines of G20 financial conclave on the outskirts of Bengaluru, India, on Feb 23, 2023. (PHOTO / AP)

TOKYO - Finance Minister Shunichi Suzuki said on Tuesday that Japan would chair a Group of Seven (G7) financial leaders' meeting on Wednesday in Washington to discuss the global economy and financial markets, the strengthening of supply chains and the Ukraine conflict.

The G7, which includes Britain, Canada, France, Germany, Italy, the United States and Japan, is expected to reaffirm its solidarity in providing financial support for Ukraine, Japanese officials have said.

Suzuki said Japan wanted to explain its financial support for Ukraine to G7 peers, as Tokyo proceeds with legal revisions needed to provide loans and other measures to back the country.

"As we lead the debate as G7 chair, we will exchange frank opinions about recent market developments and inflation and want to maintain close coordination on international cooperation in strengthening of supply chains," Suzuki added. He was speaking to reporters shortly before leaving for Washington.

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As we lead the debate as G7 chair, we will exchange frank opinions about recent market developments and inflation and want to maintain close coordination on international cooperation in strengthening of supply chains.

Shunichi Suzuki, Japanese Finance Minister

The G7 financial leaders' meeting will be held on the sidelines of International Monetary Fund and World Bank annual gatherings.

At the broader G20 gathering, which is chaired by India this year, financial leaders are expected to discuss support for developing countries that are saddled with debt and other issues surrounding global economy, Suzuki said.

"Japan has actively contributed to debt problems and support for developing countries. We want to explain Japan's efforts and to promote international cooperation," he added.

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Developing countries have accumulated debt after years of cheap money channeled via advanced economies' monetary easing. A more recent interest rate tightening cycle, with the exception of Japan, has made it harder for some of those countries to repay debt.