TOKYO (Reuters) – Japan’s government and central bank executives will meet on Monday to discuss market developments in the first such gathering in roughly a year, as the financial fallout from Russia’s invasion of Ukraine broadens.

Masato Kanda, vice finance minister for international affairs who oversees Japan’s currency policy, will meet his counterparts at the Bank of Japan and the Financial Services Agency at 11 a.m. (0200 GMT), the agencies said in a statement.

Kanda will speak to reporters after attending the meeting, the statement said.

The trilateral meeting is typically held in times of market stress to communicate policymakers’ views or concern over stock or exchange-rate volatility. The meeting was last held in January last year.

The safe-haven dollar and yen were in demand on Monday after Western nations imposed fresh sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.

(Reporting by Leika Kihara; Editing by Chang-Ran Kim & Shri Navaratnam)