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(Bloomberg) — Japan’s Finance Ministry is said to have made inquiries with market participants on possible intervention in the crude oil futures market, in an apparent attempt to ease pressure on the commodity and currency.
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Authorities have contacted major banks in Tokyo with oil trading operations to gather views on intervening in crude oil futures, according to market sources. Reuters reported the news earlier, citing unidentified people.
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That comes as Finance Minister Satsuki Katayama said Tuesday that it was widely noted that speculative activity in crude oil futures is affecting the foreign exchange market. She added that the government was prepared to take “all possible measures at all times and on all fronts,” suggesting they may look beyond currencies to areas including oil futures.
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Earlier this month, the US administration discussed the possibility of intervening in oil futures to curb surging prices amid volatility driven by the Iran war, though Treasury Secretary Scott Bessent later denied such plans.
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The MOF’s latest outreach to market participants somewhat resembles a so-called “rate check,” a step authorities use to prepare for possible currency intervention. In a rate check, officials typically contact market participants to ask about dollar-yen pricing. Coordinated rate checks by Tokyo and Washington in January helped push the yen stronger to 152 per dollar from 159.
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The yen has moved largely in line with crude oil prices since tensions in the Middle East escalated. Following US and Israeli strikes on Iran, oil prices have soared, piling pressures on Japan’s economy, which is highly dependent on energy imports from the region.
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—With assistance from Erica Yokoyama.
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