Soaring oil, food prices to be key topics at G8 meeting, Japan finance minister says.
Soaring energy and food prices have exacerbated global economic uncertainties, Japan's finance minister said Wednesday, and will be among the key topics discussed at the Group of Eight finance ministers meeting later this month.
Food prices have risen worldwide in recent months due to a combination of high oil prices, growing demand, extreme weather, higher biofuel production and speculation. That's triggered protests in parts of Africa and Asia and has raised fears of widespread malnutrition and economic instability.
G8 officials will need to hammer out ideas to encourage consumer countries to curb demand as well as enhance agricultural and energy productivity, Fukushiro Nukaga said in a speech at the Foreign Correspondents' Club of Japan.
"At the G8 meeting in Osaka, we may not see results overnight, but we hope to discuss measures to tackle the issues," he said. If expecations for inflation rise, that could make it hard to steer macroeconomic policy, he said.
In Japan, Ministry of Finance data released earlier Wednesday showed that higher raw materials prices are sapping corporate earnings. In the January-March period, Japanese companies' pretax profit fell an average of 17.5 percent from the previous year -- the biggest drop in six years.
Nukaga also warned that higher oil prices could dampen consumer spending in the world's second-largest economy. He said the world's short-term economic outlook is murky, and it's still too early to tell whether financial market instability arising from U.S. subprime-related problems has passed. "But if we don't make any mistakes in managing policy, I think in the mid to long term, the fundamentals of the global economy remain strong," he said.
The G8 includes the U.S., Japan, Germany, Britain, France, Russia, Italy and Canada. The finance ministers meeting will take place June 13-14 in Osaka, western Japan. Also high on the G8's agenda, he said, will be climate change and in particular, finding ways to help developing countries cut carbon emissions. Nukaga noted progress in Japan's proposal for a new multilateral climate change fund with the U.S. and U.K., and said he expects further details to emerge from G8 discussions.
"Regardless of whether they're for developed countries or undeveloped countries, measures to tackle climate change require massive funding," he said. Climate change also will be a key topic at the leaders' summit in early July in Hokkaido, the northern island of Japan.
Regarding the long-term outlook for Japan, Nukaga stressed the importance of grappling with the double demography whammy facing the country -- a rapidly aging society and declining birth rates. By 2030, the number of seniors over 65 years old will account for more than a third of Japan's overall population, according to government projections.
Nukaga said Japan will need to reform social security, adjust taxes and expand the labor force. He suggested raising the retirement age to 70 from 65, and said Japan should "seriously consider" accepting more foreign laborers -- a politically volatile move that authorities have long avoided. Aside from certain exceptions, unskilled laborers are not allowed to enter Japan under current immigration policy. "We've reached a point where we must consider this," he said.
Soaring energy and food prices have exacerbated global economic uncertainties, Japan's finance minister said Wednesday, and will be among the key topics discussed at the Group of Eight finance ministers meeting later this month.
Food prices have risen worldwide in recent months due to a combination of high oil prices, growing demand, extreme weather, higher biofuel production and speculation. That's triggered protests in parts of Africa and Asia and has raised fears of widespread malnutrition and economic instability.
G8 officials will need to hammer out ideas to encourage consumer countries to curb demand as well as enhance agricultural and energy productivity, Fukushiro Nukaga said in a speech at the Foreign Correspondents' Club of Japan.
"At the G8 meeting in Osaka, we may not see results overnight, but we hope to discuss measures to tackle the issues," he said. If expecations for inflation rise, that could make it hard to steer macroeconomic policy, he said.
In Japan, Ministry of Finance data released earlier Wednesday showed that higher raw materials prices are sapping corporate earnings. In the January-March period, Japanese companies' pretax profit fell an average of 17.5 percent from the previous year -- the biggest drop in six years.
Nukaga also warned that higher oil prices could dampen consumer spending in the world's second-largest economy. He said the world's short-term economic outlook is murky, and it's still too early to tell whether financial market instability arising from U.S. subprime-related problems has passed. "But if we don't make any mistakes in managing policy, I think in the mid to long term, the fundamentals of the global economy remain strong," he said.
The G8 includes the U.S., Japan, Germany, Britain, France, Russia, Italy and Canada. The finance ministers meeting will take place June 13-14 in Osaka, western Japan. Also high on the G8's agenda, he said, will be climate change and in particular, finding ways to help developing countries cut carbon emissions. Nukaga noted progress in Japan's proposal for a new multilateral climate change fund with the U.S. and U.K., and said he expects further details to emerge from G8 discussions.
"Regardless of whether they're for developed countries or undeveloped countries, measures to tackle climate change require massive funding," he said. Climate change also will be a key topic at the leaders' summit in early July in Hokkaido, the northern island of Japan.
Regarding the long-term outlook for Japan, Nukaga stressed the importance of grappling with the double demography whammy facing the country -- a rapidly aging society and declining birth rates. By 2030, the number of seniors over 65 years old will account for more than a third of Japan's overall population, according to government projections.
Nukaga said Japan will need to reform social security, adjust taxes and expand the labor force. He suggested raising the retirement age to 70 from 65, and said Japan should "seriously consider" accepting more foreign laborers -- a politically volatile move that authorities have long avoided. Aside from certain exceptions, unskilled laborers are not allowed to enter Japan under current immigration policy. "We've reached a point where we must consider this," he said.
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