Japanese government and BOJ hold emergency talks on Ukraine


Japan’s financial authorities and central banks have gathered for urgent discussions on how the Ukraine crisis and economic sanctions against Russia could affect global financial markets.

Monday’s meeting brought together senior officials from the Ministry of Finance, the Financial Services Agency and the Bank of Japan.

This decision follows a decision by the United States and its Western partners to block certain Russian banks from the SWIFT global payment network. Japanese Prime Minister Kishida Fumio said Japan would do the same.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, handles $5 trillion in wire transfers per day.

Over 11,000 financial institutions worldwide use the service. Businesses that do not have access may have difficulty settling their trade accounts.

Officials shared information on the possible impact of the sanctions on the market and the responses needed.

Deputy Finance Minister for International Affairs Kanda Masato told reporters that market stability is extremely important, and officials shared the view that they must be vigilant in monitoring developments.

He said government and BOJ officials agreed their response should be unified. He added that they would continue to coordinate closely with authorities in other countries.


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