Japan, China, S. Korea, ASEAN Wary of War's Economic Impact

Tokyo, May 12 (Jiji Press)--Financial chiefs of Japan, China, South Korea and the Association of Southeast Asian Nations issued a joint statement Thursday expressing wariness over the fallout from the Russia-Ukraine war on the regional economy. "Rising food and energy prices aggravated by the current Russia-Ukraine conflict may pose downside risks to the outlook for the region's trade and investment, growth, and inflation," the East and Southeast Asian finance ministers and central bankers said in the statement adopted at an online meeting. They also cited "sharper-than-expected" monetary tightening in some major economies and prolonged supply chain disruptions as sources of their concern. Then they underscored the importance of continuing "supportive policies" to alleviate the impact of the novel coronavirus pandemic and strengthen a sustained economic recovery. From Japan, Finance Minister Shunichi Suzuki and Bank of Japan Governor Haruhiko Kuroda took part in the meeting. At a press conference held later in the day, Suzuki said he told other meeting members that "Russia's invasion of Ukraine is a clear violation of international law and seriously affecting the global economy." Ahead of the four-way meeting, the finance ministers and central bank governors of Japan, China and South Korea had their discussions online. END