Japan finance minister to skip G20 meeting as state budget talks continue — TradingView News #JapanFinance

Japan Finance Minister Katsunobu Kato said on Friday that he would skip next week’s meeting of finance leaders from the Group of 20 major economies in Cape Town, South Africa, to focus on parliamentary debate on state budget bills.

The decision to miss the meeting of G20 finance ministers and central bank governors comes as Japan’s minority government is struggling to pass through parliament the budget bills for the next fiscal year from April.

“We took into account various situations including parliament deliberations on budget and tax bills for the next fiscal year,” Kato told a regular press conference.

Hiroaki Saito, state minister of finance, will attend the gathering in his place, he added.

Kato’s predecessor Shunichi Suzuki also missed the G20 meeting a year ago to ensure passage of budget bills in parliament.

Bank of Japan Governor Kazuo Ueda said on Thursday he would likely attend the Group of Seven and G20 finance leaders’ meetings.

Among other key G20 members, U.S. Treasury Secretary Scott Bessent said on Wednesday that he would skip the meeting due to “obligations in Washington”, an unusual step as the U.S. often leads G20 agreements on financial and monetary policy matters.