Japan, the world's biggest buyer of liquefied natural gas, plans to form an international consumer group to study ways of reducing import costs.

The government-affiliated Institute of Energy Economics, Japan, is proposing joint research with organizations in Asia and Europe on issues in LNG markets, Minister of Economy, Trade and Industry Toshimitsu Motegi told a conference of LNG-producing and -consuming nations in Tokyo on Tuesday.

To ensure competitive and stable supplies, the ministry will also examine "new types of joint procurement involving multiple LNG-importing entities" from this fall, Motegi said at the gathering.