Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022.
Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. Reuters / ISSEI KATO

Japan's government and central bank executives met on Monday to discuss market developments in the first such gathering in roughly a year, as the financial fallout from Russia's invasion of Ukraine broadens.

"Market stability is extremely important," Masato Kanda, vice finance minister for international affairs, told reporters after the meeting, adding the government was closely watching market developments.

Kanda, who oversees Japan's currency policy, made the remarks after the meeting with his counterparts at the Bank of Japan and the Financial Services Agency.

The trilateral meeting is typically held in times of market stress to communicate policymakers' views or concern over stock market or exchange rate volatility. The meeting was last held in January last year.

The safe-haven dollar and yen were in demand on Monday after Western nations imposed fresh sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.