A Washington deadlock over extending the United States debt ceiling overshadow a meeting of the Group of Seven (G7) finance ministers on Thursday

Japan, the largest holder of US debt globally and the G7 chair this year, is having trouble dealing with the US debt issue.

“Washington is exclusively accountable for fixing this. However, all the other nations suffer the most when something goes wrong.

The world’s second-largest economy. China, is showing symptoms of weakening despite the Federal Reserve’s quick rate hikes. Which are having a negative impact on the U.S. economy.

Previous battles over the U.S. debt ceiling have often resulted in quickly negotiated agreements in the final hours of discussions, preventing an unprecedented default.

In a statement at the time. The G7 finance chiefs stated that they were “dedicated to addressing the issues arising from the present challenges on our budget deficiencies, debt, and growth.”