BANGKOK (Kyodo) -- Finance ministers and central bank governors from the Group of 20 major economies shared concerns Thursday over mounting global inflationary pressures as prolonged turmoil in the Middle East drives up energy prices.

In a meeting in Bangkok, they discussed central banks' efforts to curb inflation through interest rate hikes and reaffirmed the importance of stability in currency markets.

"Japan needs to closely monitor the foreign exchange market," Finance Minister Satsuki Katayama told reporters after attending the G20 meeting.

Japan was represented at the meeting by Katayama and Bank of Japan Governor Kazuo Ueda. U.S. Treasury Secretary Scott Bessent, whose country holds the G20 presidency, was absent from the meeting.

The G20 did not issue a joint statement, highlighting the difficulty of reaching consensus among its members amid deepening trade and geopolitical tensions.

The group includes major advanced and emerging economies such as the United States, China, Japan and Russia.

At their previous meeting, held Aug. 31 and Sept. 1 in Asheville, North Carolina, participants failed to agree on a joint statement after China objected to language on trade and other issues.

The International Monetary Fund said in its World Economic Outlook released Tuesday that the global economy is expected to grow 3.1 percent in 2026, up 0.1 percentage point from its July forecast.

The IMF also warned that inflation could weigh on economic activity.

Rising prices have pushed up long-term interest rates in many countries, increasing the burden on public finances.

"Now is the time to enhance revenues to rationalize spending and improve public financial management," IMF Managing Director Kristalina Georgieva said at a press conference Wednesday.

Finance and central bank chiefs from the Group of Seven advanced economies also met Thursday to discuss rising interest rates in major economies, global trade imbalances and how to respond to rapidly evolving artificial intelligence.

Katayama said upward pressure on interest rates would not ease unless countries set clear targets for fiscal sustainability, create fiscal room and invest in growth areas.

The G7 also discussed China's excess production of steel and other goods and its large-scale exports of low-priced products, which have hurt manufacturers in other countries.