Economic ministers voiced concern Tuesday that the recent spikes in crude oil prices could undermine the economic recovery by hurting corporate earnings.
Finance Minister Sadakazu Tanigaki and economic and fiscal policy minister Heizo Takenaka made the comments at separate news conferences after crude oil futures hit a fresh record high of $49.40 a barrel Friday in New York trading amid escalating tensions in the Middle East.
"If crude oil prices stay at such high levels for a long time, that would have a negative impact on the economy," Takenaka said. "We will continue to closely monitor developments in oil prices."