WASHINGTON –

Finance Minister Masajuro Shiokawa promised Friday to quicken the cleanup of bad loans at Japan's banks, while the Group of Seven major economies agreed to cooperate to prevent downward risks from derailing a shaky global recovery.

Major points of G7 statement
The following is the gist of a statement issued by the finance ministers and central bank governors of the Group of Seven industrial nations after their meeting in Washington on Friday.

* Economic growth in G7 countries is continuing, though at a more moderate pace.

* Risks to recovery remain.

* G7 countries are committed to sound economic policies and structural reforms.

* The G7 will continue to monitor exchange markets closely and to cooperate appropriately.

* G7 countries are ready to support Argentina through the International Monetary Fund.

* G7 countries reaffirm their strong commitment to fighting terrorist financing.

Shiokawa indicated at a news conference following the G7 talks that Japan is ready to inject public funds into banks to accelerate the disposal of nonperforming loans. Some analysts consider this essential to solving the nation's bad loan problems.

"I think it is important to accelerate the disposal (of bad loans) while making it clear that borrowers that cannot revive or cannot meet the needs of the times should withdraw," Shiokawa told the news conference. "If, as a result of that, capital becomes insufficient (at certain banks), I think public funds should be injected."