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7/12/2022 Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi | U.S. Departm… U.S. DEPARTMENT OF THE TREASURY Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi July 12, 2022 TOKYO — Ahead of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, Secretary of the Treasury Janet L. Yellen and Japan Finance Minister and Minister of State for Financial Services Suzuki Shunichi held an in-person bilateral meeting in Tokyo. Following the meeting, they issued the following joint-statement agreeing to further strengthen the U.S. and Japan's bilateral ties and a irming the pivotal roles played by both countries in tackling the di icult challenges facing the global community: We renew our strong commitment to address challenges facing the global and domestic economies, including higher food, energy and commodity prices and growing food insecurity, compounded by Russia´s war of aggression against Ukraine. We call on the International Financial Institutions (IFIs) to implement the commitments in their Action Plan to Address Food Insecurity. We will provide well-targeted support and build a more resilient and stronger supply chain in close collaboration with like-minded countries and international organizations. The economic fallout from Russiaʼs invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments. We remain steadfast in our solidarity with Ukraine and continue to support Ukraine. We are united in our strong condemnation of Russiaʼs unprovoked, unjustifiable, and illegal war against Ukraine and continue to increase Russiaʼs cost of its war by implementing economic and financial sanctions. We welcome G7 e orts to continue exploring ways to curb rising energy prices, including the feasibility of price caps where appropriate, while considering mitigation mechanisms to ensure that most vulnerable and impacted countries maintain access to energy markets. We will work with the international community to coordinate and maximize the e iciency and impacts of bilateral and multilateral supports to address Ukraineʼs critical near-term economic challenges and safeguard macroeconomic stability, and we are https://home.treasury.gov/news/press-releases/jy0858 1/3 7/12/2022 Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi | U.S. Departm… committed to supporting Ukraine in rebuilding for its future, based on a clear blueprint to be developed with the assistance of the IFIs. On global health, we welcome the establishment of a Financial Intermediary Fund (FIF) at the World Bank as a new global financing mechanism dedicated to addressing financing gaps in pandemic prevention, preparedness and response (PPR). The FIF will complement the work of existing institutions and catalyze funding from domestic, private, philanthropic, and bilateral sources. We underscore the need for the FIF to launch and become operational by September of this year. We also highly value the meaningful, ongoing collaboration between Finance and Health Ministers as well as through the G20 Joint Finance-Health Task Force. We commit to further strengthening this coordination and building a resilient global health architecture, including through accelerating progress towards achieving Universal Health Coverage (UHC). On climate change, we rea irm our commitment to achieve economy-wide net zero emissions by 2050. We will promote a just transition that keeps the goal of limiting global warming to 1.5℃ within reach through inclusive international cooperation that includes all the major emitters. We will focus on reducing carbon intensity through the full range of climate mitigation measures appropriately tailored to each countryʼs emissions profile and context. We share our intent to continue to lead in developing a Just Energy Transition Partnership (JETP) for Indonesia. As for debt issues, we underscore the importance of swi ly delivering successful country cases with increased predictability for those who have requested a debt treatment under the G20 Common Framework. We urge all relevant creditors, including non-Paris Club countries, such as China, with large outstanding claims on low-income countries facing debt sustainability challenges, to contribute constructively to necessary debt treatments. We emphasize the critical role of creditor coordination to ensure fair burden sharing among all creditors in a debt treatment for vulnerable middle-income countries, notably Sri Lanka. We also urge all o icial bilateral creditors to share lending data with the World Bank and IMF to secure accurate data through creditor-borrower debt data reconciliation. On infrastructure, we rea irm the importance of promoting high-quality, transparent, and sustainable infrastructure investments to narrow the infrastructure gaps in Asia-Pacific and other regions. To ensure the quality and value of our investments, we will deliver projects based on the G20 Principles for Quality Infrastructure Investments (QII) and encourage the use of QII principles by our partners. We will continue to work bilaterally, multilaterally with G7 https://home.treasury.gov/news/press-releases/jy0858 2/3 7/12/2022 Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi | U.S. Departm… partners under the Partnership for Global Infrastructure and Investment, and with like-minded partners. On international taxation, we rea irm our firm commitment to the timely and e ective implementation of the OECD/G20 Inclusive Framework two-pillar solution. We welcome the progress made on the technical detail of Pillar 1 and are committed to work towards its adoption following the revised timeline agreed by the Inclusive Framework. We will continue to work toward the swi implementation of Pillar 2 and expect the Inclusive Framework to swi ly finalize the implementation framework. We extend strong support for the review of G20/OECD Principles of Corporate Governance, and a irm the role of sound corporate governance frameworks in contributing to the economic recovery in the post COVID-19 era. At this critical juncture in history, Japan and the United States, as the worldʼs two largest democratic economies, resolve to promote strong, resilient, and sustainable economic growth, and to strengthen the rules-based global economic order. ### https://home.treasury.gov/news/press-releases/jy0858 3/3
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