Japan to host G7 talks on subprime, oil jitters

Japan said Friday it will host a meeting of finance ministers and central bankers of the Group of Seven leading nations in February to discuss the US subprime mortgage crisis and high energy prices.

Japanese Finance Minister Fukushiro Nukaga said he would chair the meeting to take place on February 9 in Tokyo.

“We will discuss a wide range of topics, including issues over the mortgages to individuals with low creditworthiness and high oil prices,” Nukaga told reporters.

Financial markets have seen months of turmoil over the so-called “subprime” crisis, in which Americans with bad credit were extended loans at the height of the US housing boom and are now struggling to pay their mortgages.

“We are making plans so that representatives of nations not in the G7 can also participate depending on the themes of the talks,” he said.

The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States. The meeting will be in addition to a gathering of finance ministers of the Group of Eight which also includes Russia scheduled June 13-14 in the western Japanese city of Osaka.

Japan in the new year takes over the leadership of the G8 from Germany. G8 leaders will come together for their annual summit from July 7-9 in the northern Japanese hot-spring resort of Toyako.

Tokyo, Friday, AFP