International Trade and Industry Minister Takeo Hiranuma on Friday played down the impact of soaring crude oil prices on the economy and stressed the importance of dialogue between oil-consuming and -producing countries.
Citing the decline of Japan's dependence on crude oil in its economic activities and sufficient stockpiling by both the public and private sectors, Hiranuma said Japan should not seriously worry about the impact of the rise in oil prices.
"We are not in a panic situation," Hiranuma told a regular news conference. "Under the current supply and demand (situation), there is no oil shortage. We can say that it is balanced or supply slightly exceeds (demand)."