2023-05-11

Bank of Japan Governor Kazuo Ueda said Thursday (May 11) that the global financial system has recovered calm after the recent wave of successive failures of several U.S. banks, but the financial leaders of the Group of Seven (G7) countries will communicate closely to deal with any emerging instability.

Reuters reported that Kazuo Ueda pointed out that the recent turmoil did not have a serious impact on the Bank of Japan system, and the stress test results showed that the Bank of Japan did not face major problems.

Before attending the G7 finance ministers' meeting on the same day, Kazuo Ueda told reporters: "Due to the rapid response of the US and European authorities, the financial market and the global banking system have recovered calm. However, finance ministers of G7 countries may have different views on whether they can foresee the future instability. We will conduct a review of past events and closely communicate on the current situation."