Press Conference by Minister Akazawa (Excerpt)

*Note: This is a provisional translation for reference purposes only.

8:35‒8:42 a.m.
Tuesday, March 3, 2026
In front of the Cabinet Room, 2nd Floor, National Diet Building

Opening Remarks

Response in view of the situation in Iran

Concerns have been raised about the potential impact of the situation in Iran on Japan’s stable energy supply and overall economy, including prices. In light of these circumstances, yesterday the Ministry of Economy, Trade and Industry (METI) established the Iran Situation Energy Response Headquarters, which I will head. I have instructed relevant directors-general to accurately assess the impact on Japan’s stable energy supply, oil market trends, and the overall effect on the Japanese economy, including prices, and to swiftly take necessary measures with a high level of vigilance. We will make every effort to implement all possible measures to ensure a stable energy supply in Japan and minimize the impact on people’s lives and economic activities.

Request for literature survey on the geological disposal of high-level radioactive waste (HLW) on Minamitorishima Island, Ogasawara Village, Tokyo

On Friday, January 16 of this year, I sent letters to all prefectural governors across Japan, explaining that the Government of Japan will be responsible for requesting cooperation from the regions regarding the literature survey for selecting the final HLW disposal site, rather than relying on the regions to volunteer. Accordingly, we have decided to hand-deliver the request to Mr. Masaaki Shibuya, Mayor of Ogasawara Village, Tokyo, this afternoon, regarding the implementation of a literature survey on Minamitorishima Island, Ogasawara Village, Tokyo. Investigation for disposal site selection cannot proceed without gaining an understanding from the local community. The Government of Japan will provide all possible explanations to help village residents understand the survey and to encourage their cooperation. Details will be shared by the administrative staff after the request is made.

Question-and-Answer Session

Response in view of the situation in Iran

Q: I would like to ask three questions related to the situation in Iran. The United States of America and the State of Israel have attacked the Islamic Republic of Iran, which has led to a de facto closure of the Strait of Hormuz, a vital energy transportation route. First question: Given that Japan relies on the Middle East for more than 90% of its crude oil imports, what is your current understanding of the expected impact on the stable procurement of crude oil? Second question: With crude oil prices already rising, how do you expect the increase in energy costs to affect Japan’s overall economy, based on your current understanding? Third question: You posted about the release of the national oil stockpiles on X after yesterday’s countermeasures meeting. The Government of Japan decided to release the stockpiles in 2021 and 2022. May I ask whether there is a possibility of a release at this point?

A: Regarding your first question about the stable procurement of crude oil, I understand that some crude oil tankers heading for Japan from the Middle East have halted in the Persian Gulf, suspending their passage through the Strait of Hormuz. Meanwhile, I believe Japan has precisely 254 days’ worth of oil stockpiles in the public and private sectors combined, with a mechanism in place to take appropriate measures at the right time in collaboration with the International Energy Agency (IEA). In any case, we will continue to closely monitor the situation and take all possible measures to ensure a stable energy supply for our country. Regarding your second question about the impact on the Japanese economy, it is difficult to assess the situation based on speculation at this point, but we will keep a close watch on the trend in oil prices and their impact on the prices of energy and other items. The Government of Japan intends to collaborate closely with relevant countries, analyze trends in energy supply, financial markets, and prices, and flexibly take necessary measures to minimize the impact on people’s daily lives and economic activities. As for your third question about releasing the national oil stockpiles, the purpose is not to control prices, but to secure a stable supply of oil in the event of a supply shortage. We have no specific plan to release the oil stockpiles at this point, but we will continue to closely monitor the status of crude oil supply in coordination with the IEA.

Qatar’s suspension of LNG production

Q: I believe the State of Qatar suspended its production of liquefied natural gas (LNG). What is your view on this, especially with regard to whether you expect the LNG projects involving Sakhalin or the Russian Federation to become increasingly important?

A: I am aware of media reports that state-owned QatarEnergy has ceased LNG production due to military attacks on its LNG operating facilities. Let me first clarify the facts. Japan’s LNG imports from Qatar account for about 4% of its total LNG imports. Japan has sufficient LNG stock to cover national consumption for approximately three weeks, and we also have a system where the Agency for Natural Resources and Energy acts as an intermediary, enabling electric power and gas companies to share LNG when needed. I therefore believe that our stable electricity and gas supplies will not be disrupted in the short term. If a supply disruption does occur, we intend to respond by increasing supplies from other countries and the spot market. Spot LNG prices are currently soaring, but my view is that electricity and gas prices in Japan will not rise in the immediate future, since they are generally set in reference to fuel import prices recorded two to four months earlier. We will closely monitor trends in crude oil and LNG prices, as well as the impact of energy price fluctuations on prices.