Japan's top financial diplomat said on Thursday that rising oil prices would have a negative impact on the U.S. and Japanese economies, and would hurt emerging economies, but that he was not overly worried. "Basically, it would have a negative impact on the U.S. and Japanese economies," Vice Finance Minister for International Affairs Hiroshi Watanabe told reporters. "It would pull the economies of emerging and developing markets downward" which would require closely watching, he said. But he added that he was less concerned than he had been a while ago, citing a recent tumble in crude oil futures. Oil futures prices hit a two-decade high last Friday. NYMEX light crude oil for October delivery was trading at $43.71 a barrel in late Asian trade. The September contract, which expired on Friday, hit a record of $49.40. Watanabe also said he expects Japan's economy to grow 4 percent in the fiscal year ending next March.///