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But the $290 billion outlay comes without a parallel plan to prepare Yonaguni for a possible humanitarian crisis that residents like Sakihara say could quickly overwhelm their shores. Tokyo, they said, has no plan to deal with them, and locals' pleas for help have gone unanswered. A spokesperson for Japan's Cabinet Secretariat said that "if large numbers of refugees came to Japan, relevant government departments would work together to respond". Even if he had a refugee plan, Kishida would still face an obstacle: his contentious relationship with the Okinawa government that administers Yonaguni. NOT ENOUGH TO SHAREBack in Yonaguni, resident Satoshi Nagahama, 33, was surprised to learn the government had no humanitarian plan for refugees.

Persons: Sonkichi Sakihara, chancing, Kenichi Itokazu, Itokazu, Hirokazu Matsuno, Xi Jinping, Joe Biden, Lai Ching, Matsuno, Fumio Kishida, Kevin Maher, Maher, Yoshihide Yoshida, Japan's, shouldn't, Kishida, Denny Tamaki, it's, Hironobu, Satoshi Nagahama, Sakihara, Koji Sugama, Tim Kelly, Kaori Kaneko, Yukiko Toyoda, Ben Blanchard, Kentaro Sugiyama, David Crawshaw Organizations: Reuters Graphics Reuters, Reuters, U.S, Japan Coast Guard, Migration Policy Institute, Nations, NMV Consulting, State Department, Defense Forces, it's, University's Research, of Disaster Management, Thomson Locations: YONAGUNI, Japan, Vietnam, Taiwan, China, Beijing, Tokyo, Yonaguni, Taipei, Myanmar, Europe, East, Germany, Poland, Ukraine, Washington, East Asia, Okinawa

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

[1/2] FILE PHOTO: People hold a rally to protest against Israel's attack on Gaza near the Israeli embassy in Tokyo, Japan October 16, 2023. From the beginning of the conflict, Japan has sought a "balanced" response, in part due to its diverse diplomatic interests in the region and its dependency on the Middle East for oil. A spokesperson for Japan's foreign ministry said it was expected that countries have different positions, but denied that G7 members were struggling to find common ground. A statement issued by G7 trade ministers from a meeting in Osaka late last month did not mention the war. Other group members have issued joint statements.

Persons: Issei Kato, Thomas Gomart, Koichiro Tanaka, Hideaki Shinoda, Israel, Benjamin Netanyahu, It's, Kunihiko Miyake, Tim Kelly, Yoshifumi, John Irish, Andrew Gray, Andreas Rinke, David Brunstromm, Steve Scherer, Miral Organizations: REUTERS, Japan, European Union, French Institute of International Relations, Israel, Health, Hamas, Tokyo's Keio University, United Nations, Tokyo University of Foreign Studies, Canon Institute for Global Studies, Washington D.C, Thomson Locations: Gaza, Tokyo, Japan, TOKYO, Britain, Canada, France, Germany, Italy, United, Israel, United States, Osaka, Russia, Ukraine, China, Iran, Paris, Brussels, Berlin, Washington, Ottawa

From this viewpoint, Japan is closely watching the situation with serious concern," she added when asked about Japan's oil dependence on the Middle East, which supplies more than 90% of its needs. G7 finance ministers, who were meeting in Morocco as events escalated, issued a brief statement on the attacks on Oct. 12. Japan was "standing one step behind the United States and some European countries", added Isamu Nakashima, associate research fellow at the Middle East Institute of Japan. "The through line of Japan's Middle East policy has been maintaining the flow of energy imports from the region," said David Boling, a director at consulting firm Eurasia Group. While the United States is Japan's closest ally, when it comes to the Middle East, Tokyo will be very wary of being seen as its proxy, said Shuji Hosaka, board member of the Institute of Energy Economics Japan.

Persons: Yoko Kamikawa, Fumio Kishida, Isamu Nakashima, David Boling, Shuji Hosaka, John Geddie, Yoshifumi Takemoto, Tim Kelly, Tetsushi Kajimoto, Ekaterina Golubkova, Kiyoshi Takenaka, Kentaro Sugiyama, Alex Richardson Organizations: Petroleum, Kyodo, Tokyo, Reuters, Middle East Institute of Japan, Middle, Energy, Eurasia Group, U.S, Institute of Energy Economics Japan, Thomson Locations: Kagoshima prefecture, Japan, TOKYO, Israel, Tokyo, Gaza, Iran, Hezbollah, Syria, Morocco, United States, U.S, Saudi Arabia, East

That means the two-day summit from September 9 will be dominated by the West and its allies. The G20 leaders who will attend include U.S. President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman and Japan's Fumio Kishida. "If the leaders' summit is a flop, New Delhi and especially Modi will have suffered a major diplomatic, and political, setback," Kugelman said. "The positions have hardened since the Bali Summit," a senior Indian government official told Reuters, referring to the 2022 summit held in Indonesia. Lavrov said last week Russia will block the final declaration of the G20 summit unless it reflects Moscow's position on Kyiv and other crises.

Persons: Adnan Abidi, Li Qiang, Xi Jinping, Vladimir Putin's, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's, Michael Kugelman, Narendra Modi, Modi, Kugelman, Joko Widodo, Justin Trudeau, Sergei Lavrov, Putin, battlelines, Trudeau, Ukraine's Volodymyr Zelenskiy, Zelenskiy, Lavrov, David Boling, N.K, Singh, Larry Summers, Katya Golubkova, Kentaro Sugiyama, Sakura Murakami Organizations: REUTERS, West, South Asia Institute, Wilson Center, Indian, New, Reuters, Bali, Canada's, Russian, Diplomats, Eurasia Group, Thomson Locations: New Delhi, India, DELHI, Ukraine, China, Russia, Saudi, Washington, Bali, Indonesia, Indonesian, CHINA, Brazil, South Africa, Johannesburg, U.S, Tokyo

☆ Insight: BOJ makes bold shift as yen risks grow too big to ignore
▼ + stars: | 2023-08-03 | by ( Leika Kihara | ) www.reuters.com time to read: +9 min

The BOJ's decision shook markets on Friday and contrasted sharply with Ueda's more cautious comments in recent months about the dangers of retreating too quickly from accommodative Kuroda-era policies. "There's also a small but probable risk of inflation overshooting in Japan, which gave the BOJ reason to act." NEW PRIORITIESThe BOJ's policy decision last week signalled to investors that it would now allow the 10-year government bond yield to move closer to 1% before it intervenes. 'BIT BY BIT'The shift in thinking gained momentum at the BOJ's June policy meeting, but not enough to turn the tide. It was a test case, or a preliminary exercise, toward future policy normalisation," said former BOJ board member Takahide Kiuchi.

Persons: Issei Kato, Kazuo Ueda, Haruhiko Kuroda, Fumio, accommodative Kuroda, Ueda, YCC, There's, Hirokazu Matsuno, Seiji Adachi, Asahi Noguchi, Ryozo Himino, Shinichi Uchida, Uchida, Masato Kanda, Kanda, Takahide, Leika Kihara, Takaya Yamaguchi, Takahiko Wada, Kentaro Sugiyama, Yoshifumi, Sam Holmes Organizations: Bank of Japan, REUTERS, TOKYO, Bank, Ueda, Reuters, BIT, Asahi, Nikkei, Thomson Locations: Tokyo, Japan

☆ BOJ to keep ultra-low rates, may debate fine-tuning yield cap
▼ + stars: | 2023-07-27 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

At the two-day meeting ending on Friday, the BOJ is expected to maintain its yield curve control (YCC) targets at -0.1% for short-term interest rates and 0% for the 10-year bond yield. With the BOJ set to keep short-term rates negative, a tweak to the yield cap or allowance band is unlikely to trigger a spike in borrowing costs that would severely hurt the economy. There is no consensus within the board on how soon the BOJ should dial back stimulus. Former BOJ board member Takahide Kiuchi expects the central bank to eventually modify YCC, but stand pat on Friday. "I don't think the BOJ sees an imminent need to act, as markets aren't attacking its yield cap this time."

Persons: Ueda, Kazuo Ueda, Takahide Kiuchi, Leika Kihara, Takahiko Wada, Tetsushi, Takaya Yamaguchi, Yoshifumi, Kentaro Sugiyama, Sam Holmes Organizations: Bank of Japan's, Monetary Fund, Thomson Locations: TOKYO, YCC

There's no need to identify the country, all you need to do is control the item," a Japanese industry ministry official told Reuters. Two of them, deposition machinery maker Kokusai Electric and Japan's leading chip tool maker Tokyo Electron (8035.T), said they expect Japan's controls to have a limited business impact. COORDINATIONDovetailing Japan's controls with those of the U.S. and the Netherlands will require close coordination. He has met with Japanese trade officials and believes Tokyo is committed to curbing certain exports. Tokyo remains worried that targeting China will provoke damaging retaliation, such as a ban on Japanese electric cars, a third Japanese industry official said.

Persons: Emily Benson, Kevin Wolf, Jim Lewis, Lewis, Joe Biden's administrationis, Tim Kelly Karen Freifeld, Kentaro Sugiyama, Toby Sterling, Yoshifumi, Lincoln Organizations: TOKYO, Reuters, Center, Strategic, International Studies, Tokyo, Advantest Corp, Nikon Corp, Canon Inc, Screen Holdings, U.S . State Department and Commerce Department, Center for Strategic, U.S, U.S . Commerce Department, Thomson Locations: Tokyo, Beijing, Japan, U.S, China, backdown, Washington, Netherlands, Amsterdam

[1/3] Japanese Prime Minister Fumio Kishida and NATO Secretary-General Jens Stoltenberg meet during a NATO summit in Vilnius, Lithuania July 12, 2023. REUTERS/Yves HermanTOKYO, July 12 (Reuters) - Japan's Prime Minister Fumio Kishida said on Wednesday he welcomed that Japan and the North Atlantic Treaty Organization (NATO) had agreed on a new partnership programme, ahead of his attendance at the NATO Vilnius summit. At a joint announcement with NATO chief Jens Stoltenberg, Kishida said he looked forward to furthering cooperation in new areas including cyber-security, and hoped to deepen cooperation with NATO as it increases its engagement with the Indo-Pacific. The new partnership programme comes as NATO explores a deeper engagement with Asia while China increases its military presence. China has lashed out at a communique issued by NATO during its two-day summit in Lithuania's capital Vilnius claiming that China challenged the military alliance's interests, security, and values.

Persons: Fumio Kishida, Jens Stoltenberg, Yves Herman TOKYO, Kishida, Stoltenberg, Sakura Murakami, Kentaro Sugiyama, Michael Perry Organizations: NATO, REUTERS, Japan's, Atlantic Treaty Organization, Thomson Locations: Vilnius, Lithuania, Japan, NATO Vilnius, Asia, China, North Korea, Europe, Lithuania's

In 2022, top importers of China's gallium products were Japan, Germany and the Netherlands, news website Caixin said, citing customs data. Top importers of germanium products were Japan, France, Germany and the United States, it said. The buyers were anticipating it could take as long as two months to obtain export permits. Jefferies analysts said they saw the export controls as China's second and bigger countermeasure after the Micron ban. "If this action doesn't change the U.S.-China dynamics, more rare earth export controls should be expected."

Persons: Peter Arkell, Jeffries, Janet Yellen, Arkell, Caixin, Morris Young, Roy Lee, Amy Lv, Brenda Goh, Siyi Liu, Kentaro Sugiyama, Joyce Lee, Ben Blanchard, Melanie Burton, Tom Hogue Organizations: China, Companies, Global Mining Association of China, U.S, AXT Inc, Micron, Jefferies, ., Thomson Locations: China, Beijing BEIJING, SHANGHAI, United States, Washington, Beijing, Japan, Germany, Netherlands, France, Europe, Taiwan, South Korea, Yunnan, Shanghai, Tokyo, Seoul, Taipei, Melbourne

☆ What people are saying about China's chipmaking export controls
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

July 4 (Reuters) - China will control exports of some metals used in the semiconductor industry, ramping up a technology war with the United States and potentially causing more disruption to global supply chains. PETER ARKELL, CHAIRMAN OF GLOBAL MINING ASSOCIATION OF CHINA:"It hardly comes as a surprise that China would respond to the American-led campaign to restrict China's access to microchips. With roughly 90% of global production of these minor metals, China has hit the American trade restrictions where it hurts. It is a fantasy to suggest that another country can replace China in the short or even medium term." "Offer prices in the domestic market and the export market have increased to 10,000 yuan ($1,380) per kg and over $1,500 per kg, respectively."

Persons: KAZUMA KISHIKAWA, I've, PETER ARKELL, STEWART RANDALL, Kentaro Sugiyama, Amy Lv, Brenda Goh, Anne Marie Roantree, Tom Hogue Organizations: DAIWA, OF, OF CHINA, WHO, BE, Thomson Locations: China, United States, Japan, U.S, Netherlands, SHANGHAI, CHINA, Europe, Tokyo, Beijing, Shanghai

☆ Explainer: What would Japanese intervention to boost the weak yen look like?
▼ + stars: | 2023-07-03 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

When Japanese authorities escalate their verbal warnings to say they "stand ready to act decisively" against speculative moves, that is a sign intervention may be imminent. When Japan intervenes to stem yen rises, the Ministry of Finance issues short-term bills, raising yen it then sells to weaken the Japanese currency. That means there are limits to how long Japan could keep defending the yen, unlike for yen-selling intervention - where Japan can essentially print yen by issuing bills. Japanese authorities also consider it important to seek the support of Group of Seven partners, notably the United States if the intervention involves the dollar. Washington gave tacit approval when Japan intervened last year, reflecting recent close bilateral relations.

Persons: Leika Kihara, Tetsushi Kajimoto, Kentaro Sugiyama, William Mallard Organizations: Bank of Japan, Ministry of Finance, Market, Japan, Seven, Washington, Thomson Locations: TOKYO, Japan, Tokyo, United States, Washington

☆ Japan's jobless rate flat at 2.6% in May
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

TOKYO, June 30 (Reuters) - Japan's jobless rate was flat at 2.6% in May from the previous month, government data showed on Friday. The seasonally adjusted unemployment rate also matched economists' median forecast of 2.6% in a Reuters poll. The jobs-to-applicants ratio slipped to 1.31 from 1.32 in April, separate labour ministry data showed. For a table on the jobless data, go to the internal affairs ministry's website: http://www.stat.go.jp/english/data/roudou/index.html(Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry's website)Reporting by Kentaro Sugiyama and Kaori Kaneko; Writing by Kantaro Komiya; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Kentaro Sugiyama, Kaori Kaneko, Kantaro Komiya, Jacqueline Wong Organizations: Thomson Locations: TOKYO

☆ Japan's jobless rate falls to 2.6% in April
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 30 (Reuters) - Japan's jobless rate fell to 2.6% in April from 2.8% in the previous month, government data showed on Tuesday. The seasonally adjusted unemployment rate was below economists' median forecast of 2.7% in a Reuters poll. The jobs-to-applicants ratio stood at 1.32, unchanged from March, labour ministry data showed. For a table on the jobless data, go to the internal affairs ministry's website: http://www.stat.go.jp/english/data/roudou/index.html(Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry's website)Reporting by Kentaro Sugiyama; Writing by Kaori Kaneko; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The G7 is looking to draw closer to members of the "Global South" to counter China's role on the global stage. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

WASHINGTON/PARIS, May 17 (Reuters) - The longest shadows at the Group of Seven (G7) leaders' summit this week will be cast by two countries that weren't even invited to the Hiroshima gathering: China and Russia. The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

TOKYO, May 15 (Reuters) - A meeting of the government's top economic council on Monday focused on whether recent rises in inflation and wage growth suggest Japan is approaching a sustained exit from deflation. The fresh round of discussions between the government and central bank are looking at the role each should play in achieving sustained wage hikes, which would help reduce the risk of the country returning to deflation. Bank of Japan (BOJ) Governor Kazuo Ueda spoke about the bank's resolve to patiently maintain ultra-loose monetary policy, according to presentation material released after the meeting. Prime Minister Fumio Kishida said the government and BOJ need to coordinate closely given rising uncertainty over the economic outlook. "We're aiming to pull Japan out of deflation and achieve sustained, private demand-driven economic growth" by creating public perceptions that growth and inflation will keep rising, he said.

Importantly, smaller firms are also starting to raise pay even as many of them face a margin crunch. Big firms offered pay hikes of 3.8% this year in annual wage talks with unions that ended in March, the largest increase in three decades. Attention has now shifted to whether small firms, which employ seven out of 10 workers in Japan, would follow suit. The BOJ's tankan business sentiment survey showed last month that small firms' current profits fell 2.7% in the last fiscal year to March, while big firms' earnings rose 11.5%. Less than half of small firms said they were able to pass on rising costs to customers as of last September, government data showed.

☆ Japan unveils fresh childcare plan but funding unclear
▼ + stars: | 2023-03-31 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Under the plan, the government will take steps such as expansion of child allowances to be given without income limits. While the government has earmarked 6.1 trillion yen ($45.90 billion) for steps to arrest the declining number of children, a senior ruling party lawmaker was quoted by media as demanding an additional 8 trillion yen to fund the new measures. "A boost to child allowances alone could cost 2-3 trillion yen. "Everyone acknowledges childcare support is important given Japan's need to boost the growth rate. "Opposition parties also have no objection to boost childcare spending," said political analyst Atsuo Ito.

Zelenskiy posted footage of him greeting Kishida, whom the Ukrainian leader called "a truly powerful defender of the international order and a longtime friend of Ukraine". It is rare for a Japanese leader to make an unannounced foreign visit. [1/5] Japanese Prime Minister Fumio Kishida visits a site of a mass grave, in the town of Bucha, amid Russia's attack on Ukraine, outside of Kyiv, Ukraine March 21, 2023. Zelenskiy, speaking at a joint briefing with Kishida, said he would join the Hiroshima summit via an online link. Prior to leaving for Poland en route to Ukraine, Kishida visited India, where he met Prime Minister Narendra Modi.

SummarySummary Companies C.banks responded to risk-aversive moves in markets - MatsunoJapan's banking system stable as a whole - MatsunoFinmin says will keep assessing impact of Credit Suisse buyoutMarket rout may complicate BOJ's exit path from easy policyTOKYO, March 20 (Reuters) - Japan's top government spokesperson said on Monday the banking system was stable, seeking to reassure markets the country won't see a contagion from U.S. and European banking sector woes. "Each country promptly ramped up efforts as risk-aversive moves were seen in financial markets," Matsuno told a regular news conference. "Japan's financial system is stable as a whole," he said, adding that authorities were watching financial market moves "with a strong sense of alarm". For now, financial authorities in Tokyo see the most likely risk for Japan coming from a deterioration in the U.S. economy that would hurt exports, rather than a direct bank contagion. "The failure of two U.S. banks spilled over to a Swiss bank in a seemingly unrelated way," one official said.

"Each country promptly ramped up efforts as risk-aversive moves were seen in financial markets," Matsuno told a regular news conference. "Japan's financial system is stable as a whole," he said, adding that authorities were watching financial market moves "with a strong sense of alarm". The remarks came after Finance Minister Shunichi Suzuki told reporters on Monday the government would continue to "carefully assess" how a weekend rescue deal for Credit Suisse Group would affect Japan's financial sector. For now, financial authorities in Tokyo see the most likely risk for Japan coming from a deterioration in the U.S. economy that would hurt exports, rather than a direct bank contagion. "The failure of two U.S. banks spilled over to a Swiss bank in a seemingly unrelated way," one official said.

Kazuo Ueda, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles. The bank's preferred choices were incumbent deputy governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy. Matsuno said he hoped the BOJ works closely with the government and guides monetary policy flexibly, when asked whether Ueda's appointment could lead to a retreat from Abenomics. While he warned of the rising cost of the BOJ's yield control policy, Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

☆ Japan's top FX diplomat warns sharp currency moves won't be tolerated
▼ + stars: | 2023-01-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Jan 26 (Reuters) - Sharp one-sided currency moves cannot be tolerated, Japan's top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo's determination to intervene in the foreign exchange market to curb any speculative or significant yen moves. Kanda oversaw Japan's currency intervention conducted last year to prop up the yen after it fell around 30% to 32-year lows near 152 to the dollar. Kanda emphasised that the government aims to keep currency moves stable, while the Bank of Japan (BOJ) has independence in guiding monetary policy and focuses on achieving price stability. But policy itself is independent," Kanda said of the central bank's monetary policy. The BOJ's ultra-loose monetary policy has drawn criticism from some analysts as having triggered an unwelcome yen plunge last year that inflated the cost of raw material imports.

☆ Russia sanctions, Ukraine support to be G7 priority, says Japan diplomat
▼ + stars: | 2023-01-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

"Sanctions against Russia and support for Ukraine will be a top priority at G7 financial leaders' meetings under Japan's chair," said Kanda, who will oversee G7 deputy-level talks on economic policy this year. While Kanda underscored the importance of G7 unity in standing up to Russia, some analysts say there may be differences on sanctions, particularly among Europeans who are being forced to wean themselves off Russian energy supplies. Kanda, who is vice finance minister for international affairs, listed the challenges the G7 will have to confront over the coming year. "If this is realised, it would pave the way to carry out debt restructuring for other middle-income countries." Reporting by Tetsushi Kajimoto; Additional reporting by Kentaro Sugiyama; Editing by Robert Birsel and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

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