The annual G8 summit will begin in Japan

Forex News Update..
The annual G8 summit will begin in Japan on Monday. The global economy and mounting food and fuel costs will be the main issues for the summit. Ahead of the summit, the US President George W Bush and Japanese Prime Minister Yasuo Fukuda have called for urgent action to contain surging oil and food prices and more help for Africa.The G8 summit will be held at a resort on the northern island of Hokkaido. Japan has spent enormous amount of money and deployed around 20,000 police personnel to seal off the remote lakeside town of Toyako before the three-day summit, which begins on Monday. Japan is taking this precaution as violent anti-globalization marches have marred past G8 summits.The Group of Eight consists of Britain, Canada, France, Germany, Italy, Japan, Russia and the United States. The G8 industrialized nations will be joined by China, India, Brazil and South Africa, among others.In addition to discussing development issues in Africa, the G8 leaders are broadly expected to condemn Robert Mugabe''s contentious re-election in Zimbabwe last month. The rising food and oil prices and their effect on the global economy and the world''s poorest nations have moved up the agenda for this year''s G8 summit in Japan