In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen confirmed that the agency will be unlikely to meet all U.S. government payment obligations by early June.
While other countries are experiencing elevated inflation, the situation is "quite different" in Japan, Kazuo Ueda said.
The Indian leader made no direct mention of the Ukraine war in his address to G20 finance ministers and central bank governors in Bengaluru.
If the debt limit is not raised or suspended before extraordinary measures are exhausted, the government will be unable to pay its obligations fully.
Corporate leaders and at least one credit ratings agency warned a long standoff could rattle markets and unsettle an already shaky global economy.
Analysts said the cap will have little immediate impact on the oil revenues that Moscow is currently earning to fund its war machine.
The drop in the pound has largely been attributed to British spending plans that stretch the government's finances.
The president's team has been wrestling for months with various ways to ease the costs of duties imposed on Chinese imports during predecessor Donald Trump's tenure.
Indonesia's finance chief, who chaired a meeting of G20 finance officials in Washington, acknowledged the body faced unprecedented challenges but called for cooperation.
As the world's wealthy democratic powers roll out new sanctions against Russia, it has become clear that the easiest options are now exhausted.
