• The panel will meet five times before the summit in May
  • Abe will call upon expert economists from around the world

Japanese Prime Minister Shinzo Abe said Tuesday he would establish a new panel to discuss growing concerns about the global economy in the run-up to the Group of Seven summit to be held in Japan in late May.

The panel, which will include Abe himself, Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda, will call in expert economists from Japan and elsewhere to give their opinions on the global situation, according to a statement released on Tuesday.

“We must watch trends in the world economy,” Abe told reporters at Japan’s Diet in Tokyo. “China’s economic climate, the price of oil and America’s interest rate hike lead to enormous fluctuation in global markets.”

At a meeting of the Group of 20 economies in Shanghai last month, global finance chiefs committed their governments to doing more to boost growth amid signs that monetary policy may be reaching its limits. That leaves the focus on fiscal stimulus and structural reforms.

The panel will be held five times before the G7 summit, which will bring the leaders of the U.S., the U.K., Canada, France, Germany, Italy and the EU to the western Japanese prefecture of Mie on May 26-27.

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