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Japan, U.S. agree on need to take action against rising oil prices+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOYAKO, Japan, July 6_(Kyodo) _ (EDS: ADDING DETAILS, CHANGING TO NEW SLUG BY INCORPORATING OLD STORY WITH SAME HEADLINE)
Japan and the United States agreed Sunday on the need to take "immediate action" against sky-high oil and food prices for the stabilization of the world economy, Japanese Prime Minister Yasuo Fukuda said.
Prior to the Group of Eight summit beginning Monday in Hokkaido, U.S. President George W. Bush and Fukuda exchanged views on some of the most pressing political and economic issues facing the two countries and the international community.
Fukuda and Bush did not, however, go into details at a joint news conference of how the two major energy consumers plan to address the downside risks posed by rising oil and food prices.
On the flagging U.S. dollar, seen as one of the main causes of rising commodity prices, Bush said, "In terms of the dollar, the United States strongly believes in a strong dollar policy and believes that the strength of our economy will be reflected in the dollar."
"Our economy is not growing as robustly as we'd like," Bush also told reporters in the town of Toyako in northern Japan after his meeting with Fukuda.
Bush did not mention whether Washington would intervene in currency markets, even though he was asked.
Japan, host of the three-day summit, and the seven other G8 members -- Britain, Canada, France, Germany, Italy, Russia and the United States -- are also set to voice strong concerns over the recent soaring oil and food prices amid fears of a looming recession, according to Japanese officials.
Copyright ? 2008 Kyodo News International, Inc.
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