Support for Ukraine and sanctions against Russia. Japan outlines G7 priorities for 2023

This was stated by Japan's chief financial diplomat Masato Kanda, Reuters quoted him as saying.

"Sanctions against Russia and support for Ukraine will be a top priority at G7 financial leaders' meetings under Japan's chair," he said.

Among other issues to be discussed by the G7 member states will be global debt problems. Kanda claims the sharp rise in US interest rates has affected the dollar-denominated debt of emerging markets, which are already suffering from high food and energy import prices by Russia's full-scale invasion of Ukraine.

In addition, Kanda noted that Japan is working to help Sri Lanka, which is currently experiencing its deepest economic crisis in 70 years. To this end, it is coordinating its actions with the Paris Club of creditor countries and the International Monetary Fund. This is to ensure that India and China participate in efforts to restructure the island's debt.

Kanda also noted that Tokyo plans to lead discussions on expanding a regional multilateral agreement on currency swaps, called the Chiang-Mai Initiative Multilateralisation (CMIM) agreement. In this way, Japan wants to prepare for future financial crises and natural disasters.