U.S. Treasury Secretary Janet Yellen and Japan's Finance Minister agreed Tuesday to cooperate in dealing with challenges from the war in Ukraine and promoting free trade, sustainable energy and food security.
Yellen was visiting Tokyo on Tuesday for talks ahead of a meeting of the Group of 20's financial leaders on the Indonesian island of Bali later in the week.
Before beginning her meeting with Finance Minister Shunichi Suzuki, she stressed the importance of effective sanctions against Russia for its invasion of Ukraine and said she hoped to gain the support of Japan and other nations in seeking a price cap on Russian oil that would limit funding going to Moscow's military.
"Our governments have common viewpoints and interests on many of the most pressing priorities affecting our national interests as well as global stability and prosperity. And when we work together, we are each more effective," she said.
Suzuki welcomed Yellen, saying: "At this time, when the international community faces so many challenges, it is more important than ever for the U.S. And Japan to work together."
A joint statement issued Tuesday after the talks pledged support for Ukraine in coping with its economic challenges. It also said both sides had welcomed efforts to pursue price caps "where appropriate."
A price cap would be aimed at curbing the war's impact on gas and energy prices. Japan, which imports almost all its oil, has suffered an energy crunch recently partly because of the war in Ukraine and a weakening of the yen against the U.S. Dollar.