The Group of Seven industrialized nations stands ready to take action to enhance stability in the world's financial markets, Japan's top financial diplomat said on Thursday.
"The world economy confronts a more challenging and uncertain environment than when we (the G7) met in October. But we also shared the view that economic fundamentals remain pretty solid with regards to the global economy," Naoyuki Shinohara, vice finance minister for international affairs told the Euromoney Japan Debt Capital Markets Forum in London.
He said the G7 would continue to closely monitor developments in the world economy and financial markets and its member countries are ready to take action both individually and collectively.
"We have made it clear that we stand ready to take any action necessary to enhance stability in financial markets," he said.
Shinohara also said that the Japanese economy is expected to slow in the short term, but growth would be sustained in the medium term, with stable price conditions.