G7 financial leaders meeting to kick off in Japan on Thursday

Group of Seven finance ministers and central bank governors will hold talks in Japan from Thursday. Topics will include responses to a series of bank failures in the United States and ways to strengthen supply chains.

The three-day gathering will take place in the city of Niigata on the Sea of Japan coast. Japanese Finance Minister Suzuki Shunichi and Bank of Japan Governor Ueda Kazuo will represent the chair country.

As Russia's aggression in Ukraine continues, the participants are expected to discuss ways to make economic sanctions against Russia more effective and confirm continued support for Ukraine.

They will exchange views on the impact on the global economy from ongoing inflation and monetary tightening aimed at curbing it.

They will also talk about how to reinforce financial systems, using the recent bank failures as a lesson.

Another issue will be digital currency, which central banks have been studying. The financial chiefs will likely ask the International Monetary Fund to compile a reference document for working-level policy officials.

The G7 has invited officials from several other countries, including India, South Korea and Comoros, which is now the African Union's chair.

In the expanded meeting, the officials will discuss a new framework for strengthening supply chains and debt issues in developing countries, among other topics.

This invitation indicates that the G7 aims to step up cooperation with emerging and developing nations collectively known as the Global South.

Japan wants to use the results of talks among the financial leaders at the G7 summit set to begin in the western Japan city of Hiroshima on May 19.