Press Conference by Minister Akazawa (Excerpt)

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

5:00–5:14 p.m.
Tuesday, March 10, 2026
Press Conference Room, METI Main Building

Opening Remarks

Fifteen Years since the Great East Japan Earthquake and the Accident at TEPCO’s Fukushima Daiichi Nuclear Power Station

Tomorrow marks fifteen years since the occurrence of the Great East Japan Earthquake and the accident at TEPCO’s Fukushima Daiichi Nuclear Power Station. When I think of the grief and suffering of those who lost their beloved family members, relatives, and friends, my heart is still deeply pained, and I cannot help but feel profound sorrow. I myself still remember the footage of a husband crying out in grief while clinging to the body of his wife who died in the tsunami. To lose one’s beloved family members, relatives, and friends in this disaster meant that they were not even given the chance to say goodbye, and I believe it is one of the cruelest forms of parting. The tragedy has also strengthened my own resolve to make disaster prevention my life’s work and to reduce the number of victims at all costs. With a mixture of truly deep and complex emotions, we once again remember March 11.

METI has been addressing the safe and steady decommissioning of TEPCO’s Fukushima Daiichi Nuclear Power Station and the reconstruction of Fukushima as the ministry’s highest and most important priorities. Thanks to the dedicated efforts of local communities and related parties, Fukushima’s reconstruction has steadily progressed over these fifteen years. At the same time, efforts toward decommissioning, the lifting of evacuation orders, and industrial reconstruction will continue to be a long-term undertaking. METI will continue to address these challenges with full responsibility until the reconstruction is fully complete, ensuring that these experiences and initiatives will be passed on to the next generation without allowing them to fade from memory. If circumstances permit, I will attend the Memorial Ceremony for the Great East Japan Earthquake hosted by Fukushima Prefecture tomorrow. We will continue to make every effort toward achieving reconstruction as quickly as possible while standing close to those affected by the disaster.

Question-and-Answer Session

Release of Oil Stockpiles in Response to the Situation in Iran

Q: I have two questions regarding the release of oil stockpiles. First, at the G7 Finance Ministers’ meeting held yesterday evening on the 9th, the Executive Director of the International Energy Agency (IEA) called on the G7 to undertake the release of oil stockpiles. Minister of Finance Katayama also referred to discussions among the ministers in charge. Could you tell us the outlook for the meeting of energy ministers? In addition, how will METI coordinate with the IEA and the G7 in preparing for a release? If a release were to take place, would a coordinated release rather than a unilateral one be more likely? My second question concerns the situation in the Strait of Hormuz. Ten days have passed since the de facto closure of the Strait of Hormuz. As transportation from the Middle East takes around 20 days, there is a possibility that supplies could stop in about another 10 days. By when do you think it will be necessary to decide on the release?

A: It has been about ten days since a situation arose in which crude oil tankers bound for Japan from the Middle East refrained from passing through the Strait of Hormuz and have been waiting within the Persian Gulf. Generally, it takes around 20 days to transport crude oil from the Middle East to Japan, and therefore the number of crude oil tankers arriving in Japan could decrease significantly in about another 10 days. Regarding the timing for the use of oil stockpiles, I would like to refrain from making any premature determinations, but while closely monitoring developments in the Middle East, we will leave no possibility off the table and will do our utmost to ensure a stable energy supply. In addition, I understand that at yesterday’s G7 Finance Ministers’ meeting, a joint statement was issued stating that they “stand ready to take necessary measures, including the release of stockpiles, to support global energy supply.” Cooperation with the international community, including the IEA and the G7, is important for stabilizing international energy markets. Yesterday, following the G7 Finance Ministers’ meeting attended by IEA Executive Director Birol, he and I held a one-on-one meeting starting shortly after 11:30 p.m. The meeting took place online. Tonight, I am also scheduled to participate online in the G7 Energy Ministers’ Meeting, and we will continue to coordinate closely. While specific responses going forward are still under discussion, I believe that a coordinated release of stockpiles by IEA member countries would be an effective means for stabilizing the international market. In addition, I contacted Minister Katayama by phone after the meeting had concluded, and we spoke immediately following last night’s G7 Finance Ministers’ meeting, sharing the details of the discussions. We confirmed that we will continue to work in close coordination. While closely monitoring developments in the Middle East, we will do our utmost to ensure the stable supply of energy to Japan.

Q: Earlier you explained that the Energy Ministers’ Meeting will be held tonight. Just to confirm, will you attend the meeting, and will Mr. Birol also participate? In addition, could you tell us what specific matters are expected to be discussed?

A: I understand that at tonight’s G7 Energy Ministers’ Meeting, discussions will focus on the situation in the Middle East surrounding Iran and possible responses to stabilize the market, including the release of oil stockpiles. While specific responses going forward are still under discussion, given the current situation in which concerns are rising over a tightening of the international crude oil market, Japan is in a position to support a coordinated release under the framework of the IEA. We will continue to respond in close coordination with the IEA and the G7. The G7 Energy Ministers’ Meeting is scheduled to be held tonight, and I understand that Executive Director Birol will also participate.

Russian Crude Oil

Q: I have one question from the perspective of energy policy. From the standpoint of securing energy supply, is the government considering importing crude oil from Russia, or has there been any progress on that front?

A: When it comes to energy, I believe it is extremely important to ensure that economic activities and people’s daily lives can proceed without energy constraints. In that sense, we are considering various matters. However, regarding where we procure our energy supply, there are various considerations including geopolitical ones as well as the accumulation of relationships we have built with various countries. I believe your question concerns the use of Russian crude oil or the expansion of its utilization. At this point, however, we have nothing further to comment on.

G7 Energy Ministers’ Meeting

Q: Regarding the G7 Energy Ministers’ Meeting to be held tonight, could you tell us what points Japan plans to raise or what requests it intends to make? In addition, if the release of stockpiles becomes necessary, could you share your current thinking on the scale of such a release?

A: First, regarding what I will say, the reality is that 93% of Japan’s crude oil imports pass through the Strait of Hormuz. For LNG, the figure is 6%. LNG supply has been somewhat more diversified, but stockpiling LNG is difficult, meaning reserves are limited. In any case, depending on how the situation develops going forward, there is a possibility that Japan’s economy could be significantly affected. Concerns are also rising considerably within Japan, and we are closely monitoring the situation. I intend to clearly state this at the meeting. As I mentioned earlier, I believe that at the Energy Ministers’ Meeting, there will likely be discussions on matters such as a coordinated release under the IEA framework. Japan intends to express its support for such an approach.