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Asian ministers warn on Western banking turmoil at ADB meeting

IMF Asia chief cites uncertainty over BOJ policy and risk of global spillovers

Asian Development Bank President Masatsugu Asakawa speaks on May 3 in Incheon, South Korea, at the bank's annual meeting.   © Reuters

INCHEON, South Korea -- Asian finance ministers voiced concerns here on Thursday that bank failures in the West pose a risk to a rebounding economy, as they attended the Asian Development Bank's annual meeting.

"Increasing financial risks seen in the recent turmoil of the banking sector in the United States and Europe could hinder global economic recovery," Japanese Finance Minister Shunichi Suzuki said in a speech published on the ADB's website. This turmoil includes the collapse of Silicon Valley Bank and the sale of Credit Suisse to UBS.

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