Japan calls for tougher regulations to stabilize crude oil prices

LONDON December 20, 2008; Kyodo News reported that Economy, Trade and Industry Minister Toshihiro Nikai on Friday called for tougher regulations to prevent crude oil prices from fluctuating violently. ‘‘We should work out ways to curb price fluctuations,’’ Nikai said at a ministerial meeting in London between major oil producers and consumers.

British Prime Minister Gordon Brown, who had in the past downplayed the significance of speculative deals’ economic influence, said wild price swings would undermine the world economy. The latest proposal by the Japanese industry minister is expected to spur discussion on measures to stabilize the oil market, including disclosing relevant data for an enhanced transparency of the market and introducing a maximum daily permissible price swing.