G20 Finance Heads Discuss Tackling Inflation amid Middle East Turmoil

Bangkok, Oct. 15 (Jiji Press)--Finance ministers and central bank chiefs from the Group of 20 major economies met in Bangkok on Thursday to discuss ways to address rising inflation as crude oil prices remain high amid turmoil in the Middle East.

Participants also discussed coordinating their policies to stabilize financial markets in light of a global rise in long-term interest rates, fueled in part by growing concerns over deteriorating government finances.

The meeting, held in the Thai capital on the sidelines of the annual meetings of the World Bank and the International Monetary Fund, ended without the adoption of a joint statement.

Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda represented Japan at the meeting. U.S. Treasury Secretary Scott Bessent was absent as he prioritized dealing with domestic economic issues ahead of the Nov. 3 midterm elections, despite the United States holding this year's G20 presidency.

Speaking to reporters after the meeting, Katayama said international financial markets, including bond and currency markets, were "volatile." She also said that massive corporate bond issuance by U.S. technology companies racing to build data centers for artificial intelligence was contributing to rising interest rates.

[Copyright The Jiji Press, Ltd.]