Japan hails OPEC decision to keep output level

Japan welcomed on Friday the decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain its crude oil output ceiling.
"Falling crude prices provide a benefit to the Japanese economy," Economy, Trade and Industry Minister Yoichi Miyazawa told a news conference.
"Given the current depreciation of the yen, it is appreciated that the OPEC will keep the crude prices from rising," said Miyazawa.
Miyazawa also said Tokyo will continue to keep a close watch on developments in the oil market.
His remarks came after the 12-member OPEC decided on Thursday to maintain the production level of 30 million barrels per day despite recent drop in prices.
Japan is the world's largest consumer of crude oil after the US and China, and its fossil fuel imports have continued to rise.
Japan has boosted fuel imports for thermal power generation, as the country's 48 commercial reactors are currently offline in the wake of the radiation accident in March 2011 at the Fukushima Daiichi nuclear power plant.