In this week's Group of Seven meeting of financial ministers and central bank chiefs, Japan is keen to show its commitment to cooperating on preventing the global financial system's problems from deteriorating further and damaging growth.
The G7 members — the United States, Japan, Germany, Britain, Italy, France and Canada — have been urged to address the financial market turmoil caused by the collapse of the U.S. subprime mortgage market, which has generated huge losses for financial institutions worldwide.
Ahead of the G7 meeting Friday in Washington, the International Monetary Fund said Tuesday that the global financial sector faces potential losses of $945 billion as a result of the U.S. credit crisis.