Finance Minister Shunichi Suzuki and his U.S. counterpart, Treasury Secretary Janet Yellen, agreed Tuesday that volatile exchange rates pose a risk, and pledged to consult and cooperate as appropriate.

"The economic fallout from Russia’s invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability,” they said in a joint statement after meeting in Tokyo. "We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments.”

Yellen and Suzuki also welcomed last month’s statement from Group of Seven leaders promising to explore a potential price cap on Russian oil exports. The U.S. Treasury chief has championed the idea as a way to keep oil flowing to global markets while limiting the revenue the Kremlin gets to continue pursuing its Ukraine invasion.