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TOKYO, JAPAN - Japan said Friday it hoped to calm markets with candid talks on the US mortgage crisis at this weekend's meeting of finance ministers and central bankers from seven major nations.
Japanese Finance Minister Fukushiro Nukaga said Group of Seven participants should encourage financial institutions to make public ways to prevent a similar crisis that has pulled down global stock markets.
"We will have straight talk about the financial uncertainty, brought on by the US subprime mortgage issue and its effects on the global economy," Nukaga told reporters.
"With that said, it is important that we issue a firm message of global economic expansion and to secure market stability through international coordination," he said.
Nukaga, who will chair the meeting to be held in Tokyo Saturday, said calming the jittery market will be a key issue during the talks.
"To that end, I also wish to discuss information disclosure by financial institutions, ways to make up for their losses and how we will provide a feeling of security in the market," he said.
"We must make sure such incidents would not happen again. It's important that we talk about it," he said.
On expected bilateral talks with his US counterpart, Treasury Secretary Henry Paulson, Nukaga said financial stability and maintenance of robust Asian economies would be key subjects.
"The United States, Europe and Japan face different economic fundamentals. How do the individual countries and region bring their economies back to what it was before? How do we regain the sense of stability? We must make sure we make utmost efforts," he said.
"I also believe it is important for us to discuss how we will maintain the continued growth of emerging Asian nations, such as China and India," he said.
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