Japan, US Discuss Credit Crisis Fallout

In what he called a 20-minute courtesy call following his appointment earlier this week, Finance Minister Fukushiro Nukaga said Paulson told him global economic fundamentals are on a sure footing but that financial markets may need some time to calm down.

"I told the secretary that the Japanese economy is on a solid growth path but that I will continue to closely monitor Japanese financial market moves," Nukaga told reporters.

Nukaga quoted Paulson as saying that he believes the global economy will successfully ride out the problems.

Global markets have been volatile in recent weeks since the emergence of the U.S. subprime mortgage crisis.

Although the problems in the credit markets aren't believed to directly hurt U.S. and Japanese economies, worries remain about possible indirect damage, including the recent weakening of the dollar.