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(Bloomberg) — Japan plans to support a joint oil reserve release by members of the International Energy Agency as the war in Iran raises the risk of fallout for the economy via higher energy import prices and weaker global demand.
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Such a move “is an effective means toward stabilizing the international market,” Ryosei Akazawa, Japan’s trade minister, said Tuesday evening in Tokyo.
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Akazawa, whose brief covers energy matters, said he plans to attend an online meeting with Group of Seven counterparts on Tuesday night. Discussions will likely include the IEA’s coordinated oil releases, he added.
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“Our economy could be significantly impacted depending on how things develop,” Akazawa said. “Concerns are growing at home and we are closely monitoring the situation.”
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The meeting comes a day after G-7 finance ministers said they stand ready to take any necessary steps to support global energy supplies, including the release of strategic oil reserves.
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The war in Iran unleashed a wave of volatility in global markets this week. Brent crude spiked toward $120 a barrel on Monday before paring some gains. The rise in energy costs at a time when global trade was already looking fragile owing to US tariffs has raised the risk of stagflation for many economies.
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In Japan, added to those threats is renewed weakness in the yen, creating a fresh source of inflationary pressure. Prime Minister Sanae Takaichi said Monday she is considering tapping budget reserves to cushion a spike in gasoline prices, a step that would ease part of the cost of living crunch.
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Japan’s national oil reserves, built in the wake of the 1970s oil crises, is one of the world’s largest stockpiles. The country’s official supply is projected to last about 254 days, according to the latest data from the trade ministry. Japan last drew on its reserves following the outbreak of the war in Ukraine.
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Japan has released oil from its strategic petroleum reserves five times in the past in coordination with the International Energy Agency, Chief Cabinet Secretary Minoru Kihara said Tuesday, adding that the government will not rule out any options to ensure a stable energy supply.
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Since the outbreak of the war in Iran, Akazawa held meetings with IEA Executive Director Fatih Birol, United Arab Emirates Industry Minister Sultan Al Jaber and Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud.
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