Japan's Nukaga: No plan for sovereign wealth fund

TOKYO, Feb 1 (Reuters) - Japanese Finance Minister Fukushiro Nukaga said on Friday that he has no plans to set up a government investment fund, or sovereign wealth fund, to manage foreign reserves, given risks of generating losses by managing foreign reserves aggressively.

"At this moment I don't think we will have a sovereign wealth fund," Nukaga told a news conference after a cabinet meeting.

Nukaga said Group of Seven finance ministers and central bank governors at a meeting in Tokyo on Feb. 9 will discuss issues such as financial market movements since the U.S. subprime loan problems emerged last year.

G7 officials will also discuss the role of rating agencies and securitised investment tools, high oil prices and their impact on the global economy, he said.

Those topics will also be discussed at an outreach meeting with non-G7 members on the sidelines of the talks, he said, although he said it was too early to announce which countries would come to that meeting. (Reporting by Yoko Nishikawa)