Taro Aso, Japan's finance minister, told reporters after a conference call with his G7 counterparts that taxes were not on the official agenda during Friday's virtual meeting, but Japan stressed the need for co-operation to reach global tax rules.

He said final adjustments to the agreement are expected at the G7 finance ministers' meeting in London next week.

"stopping competitive cuts in corporate tax will benefit every country in the Group of Seven," said Taro Aso.

Issues such as the scope of taxed companies and the minimum tax rate will be discussed at the upcoming meeting.

Taro Aso said taxes were not on today's agenda, but he stressed the significance of cooperation in his opening speech.

Friday's meeting discussed the global economy, efforts to achieve net zero emissions and digital payments.