Japanese media has reported that countries attending the Group of Seven(G7) Summit in Hiroshima, Japan will agree to a new consultative body on economic security to strengthen supply chains and counter China's economic coercion.

The Yomiuri Shimbun said on Friday that the agreement will come during a summit session on economic security scheduled for Saturday, but noted that the G7 acknowledges that it is unrealistic to completely cut off ties with the Chinese economy.

Summit participants are also expected to express opposition to forcefully changing the status quo in view of Russia's invasion of Ukraine and China's possible use of military power against Taiwan.

Coordination is also reportedly under way to hold the summit of the Quadrilateral Security Dialogue, known as "the Quad," comprising the U.S., Japan, Australia and India in Hiroshima on Sunday instead of next Wednesday in Sydney as planned.

Although originally scheduled to fly to Australia for the Quad meeting, U.S. President Joe Biden is now set to fly home after the G7 Summit for budget talks in the face of an impending debt default.