By Tamawa Kadoya

TOKYO, Jun 2 (Reuters) Japan heads to a meeting of finance chiefs from the world's wealthiest countries against a backdrop of simmering inflationary concerns from high oil and commodity prices, and uncertainty over interest rates which could reverse capital flows and roil financial markets.

While the global economy is still going strong, finance ministers have said costlier energy is a risk and have called for steps to ensure stable supplies.

Finance Minister Sadakazu Tanigaki today said he expected oil prices and their impact on the global economy to be high on the agenda when ministers of the Group of Eight leading industrialised countries meet in St. Petersburg on June 9-10.

The talks, to be chaired by Russia, are in preparation for the G8 leaders' summit in July, where the main topics include energy security, stemming infectious diseases and education.

Tanigaki said global imbalances would also be on the agenda, reiterating his stance after a G7 meeting in April that resolving such imbalances through exchange rate adjustments alone was not appropriate.

''To rely only on currencies is not the right path to take,'' Tanigaki told a news conference. ''Each country should focus on structural reforms, and (the G7 countries) have agreed on that.'' But exchange rates are not expected to be discussed this time as central banks will not participate in the meeting.

In April, the G7 called for reducing global imbalances -- namely the huge U S current account deficit -- through more exchange rate flexibility in China and other emerging Asian countries.

That triggered a fall in the dollar as markets interpreted the statement as a sign for a managed dollar decline.

The G7 also called on countries with current account surpluses -- namely China and oil-producing countries which have built up huge surpluses from surging oil prices -- to encourage domestic consumption and investment.

''In the context of energy concerns and global imbalances, the G7 are watching if so-called 'oil money' is being channelled into investment rather than into speculative trades,'' a source close to the G8 talks said.

''We are continuing to watch the risk of an economic downturn stemming from high oil prices, as well as changes in fund flows,'' he added, although he said such risks have not increased significantly since the G7 last met in April.

The G8 groups the United States, Japan, Germany, France, Britain, Italy, Canada plus Russia.

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