Tokyo - Japanese Prime Minister Taro Aso on Tuesday welcomed US efforts to stabilize the global financial markets and conveyed his intention to play a leading role as Group of Eight chair in the upcoming financial crisis meeting in the US, the top Japanese government spokesman said.

Aso agreed in a phone conversation with US President George W Bush to work closely in bringing together world leaders from Britain, Canada, France, Germany, Italy, Russia and major emerging economies to discuss measures to fight the financial crisis, Japan's Chief Cabinet Secretary Takeo Kawamura said at a press conference Tuesday.

During the conversation, Aso and Bush agreed to hold the summit in the United States "at the earliest possible time" after the US presidential election, which is scheduled on November 4.

The first summit was expected to review steps being taken by the US and Europe to rescue the financial system, including banks and other finance firms, from being pulled down through the collapse of the housing bubble.

World leaders will also discuss reforms needed to build a sustainable economy.

Subsequent summits would aim to implement specific steps, Kawamura said. (dpa)