The United States and Japan have pledged to work together to tackle the rising food and energy prices in the world.

The resolve was expressed by US Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki in a joint statement following their meeting in Tokyo on Tuesday.

They said the Ukraine war has increased exchange rate volatility, posing risks to economic and financial stability.

The two sides pledged to work together on currency issues under their commitments as members of the Group of Seven and Group of 20 economic groupings.