Japanese Finance Minister Jun Azumi said it is necessary for developed countries to exchange visions on global economy now after a cabinet meeting on Tuesday morning, with mentioning a possible G-7 teleconference.

Japanese media reported on Monday that as a member of G-7 group, Japan is preparing for an urgent teleconference of the finance ministers and central bank governors of G-7 countries on Tuesday night.

Azumi would not talk about the G-7 teleconference, but said the world's leading countries are concerned about the current instability of global economy.

The Japanese government is watching closely the current market for strong yen against other currencies in an effort to stabilize the market.

Nikkei slumped to a 28-year low on Monday with the topic index sending below 200 for the first time since December 1983 amid growing concerns over the global economy.

The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.