Finance leaders of the Group of Seven advanced economies will discuss this week ways to strengthen the global financial system, Finance Minister Shunichi Suzuki said on Tuesday, as recent U.S. bank failures shed light on the heightening risk of digital bank runs.
"The environment surrounding finance has changed dramatically with the emergence of social media and internet banking," said Suzuki, who will chair the G7 finance leaders' gathering to be held in Niigata from Thursday through Saturday.
"Responding to such changes have become a common challenge for countries across the world, including Japan," he said, adding that the topic will be among many issues to be discussed at this week's G7 meeting.