The finance ministers and central banks leaders of the G-7 countries "met assess the economic effects of the crisis in Japan and a possible response." The meeting will cover measures to support Japan, improve liquidity if needed and calm financial markets.
The leaders do not believe Japan will need direct financial assistance "given the level of Japan’s foreign exchange reserves and the wealth of the country".
The French president and finance minister called for this meeting because they "believe they have tools of monetary policy and foreign-exchange coordination that could be used to improve the situation."
"The Japanese government is mostly concerned with preventing excessive appreciation of the yen.
One initial plan could center around opening lines of credit among major central banks. Similar facilities were opened by some central banks after the terrorist attacks in the United States in 2001 and the financial market contagion in 2008 and 2009. "
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