Japan's finance minister says US and Japan promised to work closely together to tackle the soaring rise of oil and food prices and other global economic problems.

The remarks from Finance Minister Fukushiro Nukaga came after he met U.S. Treasury Secretary Henry Paulson on Friday. They were at a two-day meeting in Osaka, Japan, of finance ministers from the Group of Eight industrialized nations.

"We need to coordinate our actions closely because of the many risk factors," Nukaga told reporters on the sidelines of the G-8 meeting.