Tokyo: Officials from the Japanese government and the Bank of Japan on Friday affirmed they will work together to closely watch any impact on the country’s financial system from global market turmoil.

The meeting between the Finance Ministry, the Financial Services Agency and the BOJ came as financial markets have come under stress globally due to the collapse of Silicon Valley Bank and concerns over the health of Credit Suisse.

“We’ll closely watch any impact on the Japanese economy with a strong sense of caution, while working closely with authorities in other countries,” Masato Kanda, vice finance minister for international affairs, told reporters after the meeting.

Officials from the three agencies meet when financial markets come under pressure. Such a three-way meeting last took place in September last year in response to the yen’s rapid weakening.

Participants to Friday’s meeting also included FSA Commissioner Junichi Nakajima and BOJ Executive Director Shinichi Uchida.

“It’s important for the government and the BOJ to work together seamlessly and take all possible measures,” Kanda said.

The Group of Seven wealthy economies are in close contact with each other on the latest global market turmoil, he said.

At a press conference Friday evening, Prime Minister Fumio Kishida said “Japan’s financial system as a whole is stable.”

The government will keep a close eye on economic and financial market movements at home and abroad, as well as the possible impact on financial system stability, he added.

JIJI Press