The G20 meeting of finance ministers and central bank governors opens in Bangkok, Thailand, on 15 October. Discussions are expected to focus on responses to inflation and the impact of AI investment, with Japan represented by Finance Minister Katayama and BOJ Governor Ueda.
At the G20 meeting of finance ministers and central bank governors opening in Bangkok, the focus will be on measures to address inflation while crude oil prices remain high, as well as the possibility that the AI boom could boost growth while increasing inflationary pressure. Japan will be represented by Finance Minister Satsuki Katayama (片山さつき) and BOJ Governor Kazuo Ueda (植田和男).
In the World Economic Outlook released by the International Monetary Fund (IMF), global growth in 2026 was revised up from the previous forecast to 3.1%, while the report also identified the risk that tensions in the Middle East could affect energy supplies. AI-related investment, including data-center construction, is supporting growth, but inflation risks and investment volatility remain in the outlook.
The IMF cited rising prices resulting from a prolonged conflict in the Middle East as a future risk, and suggested that investment could plunge if expectations for AI-driven productivity gains are disappointed. Coordination of fiscal and monetary policy is a challenge for major countries in Japan, the United States and Europe amid concerns over deteriorating public finances, and addressing the risk of misuse of advanced AI is also expected to be discussed.
U.S. Treasury Secretary Bessent, who is chairing the meeting, is reported to be absent and is believed to have prioritised domestic issues ahead of the November midterm elections. Attention will focus on what practical coordination the participating countries pursue concerning yen depreciation and its relationship with BOJ monetary policy.