Japan govt to help fishermen pay soaring fuel bills

TOKYO, June 26 (Reuters) - The Japanese government hammered out steps on Thursday to help businesses and individuals cope with soaring energy prices, including footing some fuel costs for the fishing industry.

Soaring oil prices have led to protests across Asia and Europe, and the threat of a strike by Japanese fishermen has highlighted the impact on the nation's already struggling small to mid-sized companies. [ID:nL28759952]

Japan's national fishing union said on Wednesday it would stop fishing for one day next month to protest rising fuel costs. The government hopes to help struggling fishermen by footing part of their fuel bills so that they can continue working.

The funds needed to carry out the steps are already earmarked from the extra budget for the fiscal year that ended in March. Some of the money will come from a 215 billion yen ($1.99 billion) package announced last December to help small firms and individuals hit by high oil prices.

But the government has no plans for an extra budget this year to finance the steps, Vice Finance Minister Hiroki Tsuda told a news conference on Thursday.

Oil prices will be high on the agenda at the Group of Eight (G8) leaders' summit, which Japan hosts on July 7-9.

The government said it would analyse the reasons for high oil prices, including the role played by speculators, and seek further transparency in the oil market.

Japan has a mountain of public debt and is having a tough time cutting spending as lawmakers urge the government to do more to help people cope with high oil and commodity prices.

While some say rising demand in emerging economies and insufficient supplies have pushed up oil prices, others blame speculators for driving prices higher.