G7 finance leaders to discuss strengthening banking system

G7 finance ministers and central bank governors are expected to discuss responses to a series of bank failures in the US during their meeting that starts on Thursday.

Japan will host the three-day gathering in the city of Niigata in central Japan.

Finance Minister Suzuki Shunichi and Bank of Japan Governor Ueda Kazuo plan to work together with G7 peers to strengthen the global financial system to prepare it for possible risks in the digital age.

Just before the US banks collapsed, people posted messages on social media that raised concerns about the institutions' management.

The G7 participants are expected to discuss financial supervision and regulations and study ways of strengthening the financial system.

They are also scheduled to hold a meeting with representatives from emerging and developing countries and discuss debt issues, economic security and other problems.