Finance Minister Fukushiro Nukaga headed out Tuesday on a visit to the Middle East and Central Asia to call for cash-rich oil-producing countries to invest more in Japan.
Nukaga is being accompanied by top-level officials from Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp., Nomura Asset Management Co. and Daiwa Securities Co. on his trip to the United Arab Emirates, Kuwait and Uzbekistan to reinforce business ties.
The move highlights the government's urgent desire to lure foreign investment from resource-rich countries that are awash with cash accumulated from surging commodity prices. Nukaga's visit also comes at a time when high crude oil and food prices are threatening to halt Japan's six-year-long economic recovery.
"Expanding foreign investment is important for Japan," the finance chief said at a regular news conference.
Nukaga said he is especially keen to discuss the oil market with his counterparts.
"Sharp rises in crude oil prices are having a major impact on the global economy and the Japanese economy," he said. "I'm visiting the three commodity-producing countries to deepen dialogue and establish cooperative relations, and to have frank discussions about natural resources supplies and market-movement trends."
Last week, the Group of Eight industrial countries said oil producers need to boost output and refining capacity.