Press Conference by Minister Akazawa (Excerpt)

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

8:40-8:45 a.m.
Tuesday, March 17, 2026
In front of the Cabinet Room, 2nd Floor, National Diet Building

Opening Remarks

Emergency measures to deal with the fuel oil price hikes caused by the situation surrounding Iran

In light of the situation surrounding Iran, Prime Minister Takaichi provided us with instructions last week, on Wednesday, March 11. In response, we have decided to promptly implement emergency measures to deal with the fuel oil price hikes to safeguard people’s livelihoods and economic activities. Specifically, on Thursday, March 19, we will start granting subsidies from the Fuel Oil Price Stabilization Fund to keep the retail price of gasoline at a nationwide average of about 170 yen per liter. For diesel oil, heavy oil and kerosene, we will provide subsidies in the amount equivalent to that for gasoline, and for aircraft fuel, the amount will be 40% of that for gasoline. On and after Thursday, March 19, when we will start granting the subsidies, the stock supplied before the date will continue to be sold for about one to two weeks but will subsequently be replaced with the stock supplied in consideration of the subsidies. As a result, we expect that the national average retail gasoline price will drop to around 170 yen. Prime Minister Takaichi commented on the issue on her X account last night, and I would also like to ask people to continue refueling as usual.

Question-and-Answer Session

Japan-U.S. summit meeting

Q: Let me ask you about the Japan-U.S. summit meeting which will be held on the 19th. Prime Minister Takaichi referred to your visit to the United States with her, and toward the summit, you have been continuing talks with the U.S. side about the second set of Japan’s investment projects in the United States. Please share with us your expectations for the summit meeting.

A: Last week, on the 12th, Prime Minister Takaichi said that she will have me accompany her to the United States if circumstances allow, as you have just mentioned. So far, however, nothing has been decided regarding my visit to the United States with the Prime Minister. I have been talking with the U.S. side about specific cooperation in the strategically important sectors, such as energy and critical minerals, as well as about the strategic investment initiative. I will continue to work hard, hoping that the Prime Minister’s visit to the United States will yield concrete results. Also, concerning the strategic investment initiative, I know that a range of news reports have been released. I will refrain from making any predictions about what projects will be included in the second set and when they will be unveiled. I will continue to make efforts to enhance Japan-U.S. economic relations for the benefit of the two countries, thereby contributing to making Prime Minister Takaichi’s visit to the United States even more fruitful based on the strong relationships of trust built between the Prime Minister and President Trump.

Concerns about the supply of naphtha

Q: I would like to ask you a question about the situation surrounding Iran. Not only for oil but also for naphtha, which is used as a material for various industrial products, Japan is highly dependent on the Middle East. Accordingly, concerns are being raised about the stable supply of naphtha. What is your view on this situation and how will you respond to it?

As you have said, naphtha is one oil product made in the crude oil refining process. It is used as a material for chemical products, such as plastics, and is indeed indispensable. We have not faced problems concerning the supply of naphtha to date. We can make use of the stock kept in the downstream section of the supply chain and can also import naphtha from the United States, South America and other countries. Moreover, we can refine oil into naphtha domestically in Japan. We will thereby be able to secure naphtha supplies in the amount equivalent to about four months of domestic consumption. Also, naphtha user companies are pursuing procurement from regions other than the Middle East. The Government, on its part, will continue to implement necessary measures to support the stability of the supply chain in close cooperation with related companies.