MOSCOW (Pakistan Point News / Sputnik - 12th July, 2022) US Treasury Secretary Janet Yellen and Japanese Finance Minister Suzuki Shunichi agreed Tuesday to cooperate in tackling rising food and fuel prices, exchange rate volatility and other global challenges that they said were exacerbated by the conflict in Ukraine.
"We renew our strong commitment to address challenges facing the global and domestic economies, including higher food, energy and commodity prices and growing food insecurity, compounded by Russia�s war of aggression against Ukraine," they said in a joint statement.
The two finance chiefs met in Tokyo ahead of the G20 gathering of finance ministers and central bankers in Indonesia from July 15-16. They agreed to coordinate efforts with like-minded countries from G7 and G20 to build stronger supply chains and consult closely on exchange markets.
On Russia, the two said their countries would seek to increase the costs of the Ukrainian conflict on the Russian economy. The US and Japan also welcome G7 efforts to cap soaring energy prices and will try to safeguard the access of vulnerable countries to energy markets, they promised.
Russian President Vladimir Putin has criticized the West for what he referred to as a long-term policy of containing and weakening Russia. He said sanctions imposed on Russia had dealt a heavy blow to the global economy, worsening living conditions for millions of people.
