G7 Finance Ministers and Central Bank Governors’ Meeting

G7 Finance Ministers and Central Bank Governors’ Meetings are an important international forum where discussions on the global economy, macroeconomic policy, the international financial system, and a wide range of policy issues such as development and assisting emerging market economies take place.

Since 1973, G5 Finance Ministers and Central Bank Governors’ Meetings have been held by France, Germany, Japan, the United Kingdom and the United States, as a forum for policy coordination among major countries. The most remarkable outcome of G5 would be the Plaza Accord in September 1985.

It was agreed to establish G7 Finance Ministers and Central Bank Governors’ Meetings at the 1986 Tokyo Summit, in a way that expanded the G5, as a forum for policy coordination to promote economic growth without inflation, work for exchange rate stability, etc. The first G7 Finance Ministers and Central Bank Governors’ Meeting took place in September 1986 in Washington, D.C.

The members of the G7 Finance meeting are the finance ministers and central bank governors of seven countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The Commissioner of the European Commission (EC), the President of the European Central Bank (ECB), and the President of the Eurogroup also participate in the meeting, as well as heads of international organizations, such as the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank.

In 2023, the Japan's presidency sets out priorities coming under three pillars for the G7 Finance Track ― tackling immediate global challenges including support for Ukraine and debt vulnerabilities in low- and vulnerable middle-income countries, strengthening global economic resilience through climate action, global health architecture, economic security as well as financial digitalization, and pursuing welfare enhancement by upgrading economic policies.

Japan’s G7 Presidency in 2023

About Niigata

The Niigata Prefecture, located almost in the center of Honshu, the main island of Japan, and facing the Japan Sea, clearly shows the characteristics of each season. It is rich in nature in the vast land that extends from the coastal areas to the steep mountains.

In this area, you can enjoy bountiful blessings of nature through its local foods such as rice, seasonal agricultural products and fresh seafood from the Japan Sea. Especially on rice, Niigata is famous for“Koshihikari”, which boasts the largest yield in Japan and is highly regarded overseas for its quality. In addition, given the rich harvest of rice, Niigata has long history of Japanese Sake production and 89 Sake breweries, the largest number in any prefecture in Japan. Sake of this region is characterized by its crisp & dry taste and very popular not only in Japan, but also in overseas these days.

On local industries, Niigata has a rich cluster of companies with advanced metal processing technology. The high-quality cutlery, which is also used at the Nobel Prize banquet, manufactured here is highly regarded around the world.

Niigata is also famous as the birthplace of Nishiki-goi fish, “swimming jewels”, that are exported to more than 40 countries and regions as decorative fish. The region is a major production area that accounts for more than half of these fish in Japan. Many enthusiasts from all over the world visit and their artistic value is widely recognized.

The Sado Island Gold Mines, Japan's largest gold mines, are the mining ruins that produced a world-class quantity and quality of gold. It is a valuable cultural heritage that preserves 400 years of mining technology and the changes in its unique production system.

Niigata City, where the meeting venue“Toki-Messe” is located, has a long history as a port town since the 10th century and has unique cultures including traditional Japanese restaurants, Ryo-tei, and dance of Furumachi-Geigi, which had entertained merchants and sailors in the past.