G7 finance leaders to wrap up talks in Niigata

The G7 finance ministers and central bank chiefs are working on a joint statement calling for a stronger global financial system following a series of bank failures in the United States.

The delegates are set to wrap up three days of talks on Saturday in Niigata, central Japan.

So far, they have confirmed the importance of responding swiftly to global economic challenges, such as the impact of monetary tightening and widespread concerns about how banks are managed.

The US delegates reportedly gave an update on their government's debt ceiling. The United States could default as early as June 1.

The discussions also addressed the financial risks posed by the digital age. Several banks have recently been hit by huge outflows of deposits after concerns about their fiscal health spread quickly on social media.

The G7 finance leaders agreed that the current financial system is robust, while also stressing the need to make it even stronger.

On Saturday, the delegates will exchange views on healthcare and international taxation.

The talks also included an extended meeting with officials from countries such as South Korea and India. They discussed plans for a new framework aimed at strengthening global supply chains in emerging and developing economies.

The leaders of the G7 will meet in Hiroshima next week.