Finance Minister Suzuki: "Asia Development Bank needs to provide active support for soaring food prices"

Finance Minister Suzuki attended the annual general meeting of ADB = Asian Development Bank held in Manila, Philippines, and said that ADB is actively providing financial support to member countries amid soaring global food prices. He showed the recognition that it is important to do

The price of wheat and fertilizer has soared due to Russia's invasion of Ukraine, and there are calls for assistance to the poor within the ADB region.

For this reason, ADB decided to provide a total of $14 billion, or approximately 2 trillion yen in Japanese yen, to member countries this week.

At the meeting, Minister Suzuki said, ``The soaring food prices are having a serious impact, especially on the socially vulnerable. I hope that ADB will actively support developing countries.''

After the general meeting, Finance Minister Suzuki told reporters, "Japan will actively work with ADB on issues such as food as a priority issue."

In addition, Minister Suzuki revealed that he had a meeting with President Wickremesinghe of Sri Lanka, which has been suspended from repaying foreign debts due to the economic crisis, and said, "All creditors such as China and India will come together and discuss, "It is important to deal with the debt problem at our own expense. I told him that Japan is ready to play its role if the necessary preconditions are met."

Finance Minister Suzuki ``Pay close attention to exchange rate trends, take measures if necessary''

Regarding the response to the sudden depreciation of the yen, Minister of Finance Suzuki told reporters in Manila, the Philippines, "A sudden and one-sided fluctuation is not desirable, and the movement of speculators in the market has changed its original form. It is important to take corrective action against the fact that the market is being pushed back," he said, emphasizing the legitimacy of market interventions by the government and the Bank of Japan last week.

On top of that, he said, ``If there is a sudden fluctuation in the exchange rate, it will be difficult for companies and households, so it is necessary to take decisive action when there is a sudden movement against the background of speculative movements.We will continue to monitor exchange trends. We will be vigilant and take necessary measures if necessary."