Press Conference by Minister Akazawa (Excerpt)

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

10:37‒10:54 a.m.
Tuesday, March 31, 2026
Press Conference Room, METI Main Building

Opening Remarks

Ministerial meeting on the situation in the Middle East

We held a ministerial meeting on the situation in the Middle East this morning. Yesterday Prime Minister Takaichi appointed me to the new post of Minister in charge of securing the stablity of critical goods in response to the situation in the Middle East. At today’s meeting, the prime minister once again instructed me to establish a task force made up of officials from relevant ministries and government agencies to inspect the situation concerning the supply of critical materials, such as oil-based products and other related products. We will continue to conduct examinations to deal with issues related to the entire domestic and overseas supply chain to prevent disruptions or negative impacts in people’s daily lives. Japan has sufficient supplies of crude oil and oil-based products overall, but based on the recognition that some imbalances in supply and bottlenecks in distribution persist, the Ministry of Economy, Trade and Industry (METI) has established contact points where information is provided and has been offering support for the stable supply of oil as industrial fuel, which METI is in charge of, and also for the flexible supply of oil for use in medical treatment, transportation, agriculture and other fields in a cross-industrial manner and via multiple distribution channels. In the medical field, METI will collaborate with the Ministry of Health, Labour and Welfare (MHLW) to secure the supply of pharmaceuticals including blood bags, medical equipment such as dialysis equipment and syringes, and medical gloves, aprons and other medical goods. Giving first priority to securing the supply of items critical, life-saving medical supplies, we will collect supply chain-related information to procure alternative products from all over the world. Today we will also launch a system to ensure the stable supply of medical goods through supporting the flexible use of oil-based products and other methods. In collaboration with related ministers, including the Minister of Health, Labour and Welfare, the Minister of Agriculture, Forestry and Fisheries, and the Minister of Land, Infrastructure, Transport and Tourism, I will work to ensure the stable supply of goods that are indispensable for people’s livelihoods and implement supply chain-related measures under the instruction of Prime Minister Takaichi, including measures to secure supplies of medical goods, food packaging materials, and of fuel oil for use by truck operators. However, I want the people to lead ordinary lives based on the recognition that Japan has sufficient oil reserves. METI, on its part, will implement all necessary measures to deal with imbalances in supply and bottlenecks in distribution that arise, thereby protecting people’s lives and livelihoods.

Task force to Secure Supplies of Pharmaceuticals, Medical Devices, and Medical Supplies that are vulnerable due to the Situation in the Middle East

Due to the situation in the Middle East, concerns are being raised over the supply of crude oil and oil-based products. However, as I have already said, there are sufficient supplies as a whole, but based on the recognition that there have been some imbalances in supply and bottlenecks in distribution, we will make all-out efforts to ensure the stable supply of pharmaceuticals including blood bags, medical equipment such as dialysis equipment and syringes, and medical gloves, aprons and other medical goods that are necessary for the protection of people’s lives and livelihoods. For dialysis equipment and suction canisters used during surgical procedures, Japan uses products manufactured in Asian countries, and the countries constitute a part of Japan’s supply chain for such products. We have received information that the situation in the Middle East will impact the supply of these products from a long-term view. Although there will be no immediate supply shortages for the products, we will urgently implement measures to procure alternatives from all over the world. Today, in order to analyze related information and make decisions quickly to deal with the issue, I will establish and co-head, with Mr. UENO Kenichiro, Minister of Health, Labour and Welfare, a task force to secure supplies of Pharmaceuticals, Medical Devices, and Medical Supplies that are vulnerable due to the Situation in the Middle East. We will also hold the first meeting of this task force today. While recognizing that Japan has sufficient supplies of crude oil and oil-based products overall, we will collaborate with MHLW to protect the lives and livelihoods of the people. For further details of this meeting, please ask the administrative staff.

Question-and-Answer Session

Measures to reduce oil consumption

Q: Let me ask you a question about the measures to reduce domestic oil consumption. You have repeatedly said that Japan has sufficient oil reserves overall, but the Strait of Hormuz has been effectively closed, making it difficult for Japan to procure oil from the Middle East. Yesterday, the G7 Energy and Finance Ministers and Central Bank Governors held an online meeting, and yet concerns over restrictions on oil supply have been further increasing. What do you think of this situation? Please share with us your views on the measures to be implemented by Japan to reduce domestic oil consumption in your capacity as the minister in charge of this issue.

A: In relation to your question, I would like to share one fact: Even with perfect preparations, unexpected situations or emergencies are possible, but they are not inevitable. There are countries that are more than 90% dependent on oil imported via the Strait of Hormuz just as Japan is, but these countries have oil reserves in the amount equivalent to one month or two months of domestic consumption. They are therefore implementing emergency measures, such as declaring a state of emergency. I have always been committed to disaster control as an official of the government and this continues as a member of the Diet. I think that leaders should follow three rules in preparing for potential disasters. The first rule is to give first priority to human life. The second is to be decisive, and the third is to think big. I have been working on disaster control for 40 years as my life’s work, and always regarded these three rules as the golden rules for leaders to follow in emergencies. As for national oil reserves, the International Energy Agency (IEA) in a sense said that an equivalent of 90 days’ worth of oil reserves is sufficient for its member countries, and most countries have reserves in an amount that is slightly above the required amount. Japan holds much higher levels of reserves; more than double that of other countries. So, Japan has been thinking big enough at an earlier stage in preparation for potential emergencies. But I can understand that concerns about a future oil shortage remain, and we will respond to such concerns carefully. However, compared with foreign countries, Japan has much larger oil reserves, and I hope to have more opportunities to share this fact with more people. On the other hand, we are collaborating with companies in the private sector to procure alternatives from the United States, from the Middle East via other routes, and from Central Asia and Central and South America, while releasing our oil reserves to secure the necessary amount of supply in Japan. We are working to continue to secure stable oil supplies to meet overall domestic demand for as long as possible, and indeed we can achieve this for much longer than other countries. We have not recognized any material impact of the Middle East crisis on Japan’s supply and demand of oil to date. However, I know that there have been some imbalances in supply and bottlenecks in distribution. In response, METI has established contact points where information is provided and will continue to implement careful measures to ensure stable supplies by oil wholesalers based on available information, including that provided by oil consumers. We will continue to implement careful measures in collaboration with relevant ministries and government agencies. Also, in consideration of the international supply and demand situation and price trends, we will consider all policy options, including implementing measures on the demand side in a manner that mitigates the impact on the national economy.

Roundtable meeting to make effective use of the Strategic Investment Initiative as a method of helping SMEs achieve further growth

Q: I hear that a roundtable meeting is being held today to make effective use of the Strategic Investment Initiative as a method of helping small and medium enterprises (SMEs) achieve further growth, and SMEs showing interest in participating in the Initiative are attending it from across the world. Please share with us your view on the significance of this meeting and what you expect from it. Moreover, on March 20, Japan time, the second set of projects that will be implemented under the Strategic Investment Initiative was announced during the Japan-U.S. summit meeting. Please provide us with information about the current progress made toward the announcement of the third set, if possible.

A: The roundtable meeting, which started at 10:00 a.m. today, is hosted by Mr. Ochi Toshiyuki, Parliamentary Vice-Minister of Economy, Trade and Industry, whom I trust from the bottom of my heart, to make effective use of the Strategic Investment Initiative as a method of helping SMEs achieve further growth. In this two-hour meeting, Parliamentary Vice-Minister Ochi is leading the exchange of opinions with SMEs and their support organizations, such as commerce and industry associations, on the benefits and challenges associated with the participation of SMEs in the Initiative. Before coming here, I visited the meeting venue as it was on my mind and as I wanted to express my support for it. I exchanged business cards with participants in the meeting and shared my views with them. I strongly hope that the roundtable will help increase the number of SMEs supplying their products and components to the projects implemented under the Initiative, thereby expanding their sales and business, honing their technologies and finding new markets. As for the third set of projects, which you have mentioned, I will refrain from making any predictions on when and what projects will be structured in which fields. Going forward, I will make efforts to structure the projects stably so that they will contribute to promoting bilateral benefits and economic security as well as to the growth of the two countries, which are special partners. I feel grateful that I can work at this time with Parliamentary Vice-Minister Ochi, who is devoting himself to supporting the growth and prosperity of SMEs. I sincerely hope that his leadership in advancing the 550 billion-dollar Japan-U.S. investment initiative and the investments made by Japan in the United States will lead to the outstanding growth of Japanese SMEs and expansion of their market reach.