Press Conference by Minister Akazawa (Excerpt)

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

9:40‒9:51 a.m.
Tuesday, May 12, 2026
Press Conference Room, METI Main Building

Opening Remarks

None

Question-and-Answer Session

Economic delegation to Russia

Q: Allow me to ask about one point. Last week, some media reported that the Ministry of Economy, Trade and Industry (METI) would lead an economic delegation to Russia, but METI denied the report on X. At the same time, METI posted that it was arranging a visit to Russia by officials of the Government of Japan as early as the end of May. Please share with us the purpose of the government officials’ visit, the level of officials who will be visiting, whom they will meet on the Russian side, which Japanese companies are expected to accompany them, and the significance of visiting the country at this specific time.

A: Despite media reports, the Government of Japan has no plans to dispatch an economic delegation to Russia to discuss economic or energy cooperation after the end of its aggression against Ukraine. Japan intends to continue implementing sanctions against Russia in coordination with the G7 and is therefore not in a position to enter into new cooperation with the country. That being said, we need to protect the assets of Japanese companies that remain in Russia. The Government of Japan has delivered numerous intergovernmental requests to Russia on this matter since the country’s aggression against Ukraine began and has maintained ongoing communication. As part of this effort, coordination is underway to arrange a visit by Japanese government officials to communicate with the Russian side in collaboration with relevant companies. From a diplomatic perspective, I will refrain from discussing the details of coordination with the country, but the Government of Japan is determined to firmly safeguard the assets of Japanese companies already operating in Russia.

Iranian and Russian crude oil

Q: I would like to ask you about two points. Does Japan plan to import crude oil from Iran? Whether the answer is “yes” or “no,” I would like to know the reasons for both cases. The other question is whether Japan intends to expand its imports of Russian crude oil.

A: First, I’d like to note that in April, the Government of Japan procured more than 20% of last year’s crude oil volume from alternative sources. In May, we procured approximately 1.4 million barrels per day, about 60% of last year’s level, on a confirmed-contract basis. We are making every effort to exceed this level in June. That said, regarding Russian crude oil, Japan’s policy remains unchanged: we will collaborate closely with the G7 and other members of the international community to continue supporting Ukraine and to impose sanctions on Russia. Regarding Iranian crude oil, we need to closely monitor the status of negotiations on the Iranian nuclear issue and related sanctions. We will continue to make all-out efforts to secure crude oil from alternative sources while keeping a close watch on the situation in the Middle East.

The 2027 air conditioner problem

Q: I would like to ask about the new energy-saving standards for air conditioners, which will take effect starting April next year. There are concerns that the new standards, which are much stricter than the current ones, will likely cause a surge in manufacturing costs and sales prices. The media refers to this as the “2027 air conditioner problem.” As the weather becomes hotter, many consumers will consider purchasing a new air conditioner. Please share your views on METI’s purpose for introducing the new standards and the benefits they bring to consumers.

A: Under the Top Runner Program established by the Act on the Rational Use of Energy*, new energy-saving standards will be applied to residential air conditioners in fiscal 2027. Air conditioners account for about 30% of household electricity consumption. By improving the energy efficiency of air conditioners, the new standards aim to reduce energy use, support energy security and decarbonization efforts, and mitigate the burden of household utility costs. In concrete terms, over a 14-year period—the average lifespan of an air conditioner—products meeting the fiscal 2027 standards are expected to reduce consumer utility costs by 40,000 yen for models designed for a six-tatami-mat room and by 180,000 yen for models designed for a 14-tatami-mat room, compared with earlier models. We will provide consumers with sufficient information to enable and encourage them to choose air conditioners from a comprehensive perspective, not only based on their product price but also on their utility cost reductions and lower environmental impact resulting from enhanced energy-saving performance.

*Officially the Act on Rationalization of Energy Use and Shift to Non-fossil Energy

Partnership between Sony Corporation and TSMC

Q: Let me ask you about the partnership between Sony and TSMC on next-generation image sensors. As announced on May 8, the two companies signed a memorandum of understanding to establish a strategic partnership for the development and manufacturing of next-generation image sensors and plan to explore and respond to new opportunities in physical AI. Given that physical AI is a priority area for METI’s AI semiconductor strategy, how does the ministry view this partnership? The two companies are considering establishing a joint venture and will also look into future investments, assuming they receive government support. Only last month, METI decided to provide a subsidy of up to 60 billion yen for Sony’s plant under construction in Kumamoto. Is METI eager to provide additional support?

A: Image sensors are semiconductors that convert visual information into digital data, functioning, as it were, like the human eye. They will be essential devices for what we call physical AI, including automated driving and robotics. The recently announced Sony-TSMC partnership is expected to enable the two companies to leverage Sony’s expertise in image sensor design and TSMC’s competitive process technology and outstanding manufacturing capabilities. I understand that they plan to explore new applications in physical AI and to establish a foundation for future innovation. The Government of Japan welcomes the partnership. Aside from the subsidy approved in April as part of initiatives to ensure a stable supply, METI has not decided to provide any support to date. We will consider further subsidies if we receive a formal request from the company going forward.

Visit to Japan by U.S. Secretary of the Treasury Scott Bessent

Q: Mr. Scott Bessent, the U.S. Secretary of the Treasury, is currently visiting Japan. I know you are very close to him. Will you meet him during his visit? If so, what topics do you plan to discuss?

A: As you all know, Mr. Bessent served as the chief negotiator in the Japan-U.S. tariff negotiations, so he was my counterpart in that context. In that role, he also led the U.S. Presidential Delegation for the U.S. National Day at EXPO 2025 Osaka, Kansai, Japan, and I visited Osaka to welcome him. I have probably met him in person on more than 10 occasions, so we know each other very well. He is incredibly intelligent, and I also admire him for “being versed in the history of economics rather than economics itself,” as he tells me. He has profound knowledge of Japan as it was during the era when the somewhat notorious Ministry of International Trade and Industry (MITI), the predecessor of METI, drove Japan’s industrial policies. This was back when Japan was described as being “number one.” I’m sure you’ll agree that people with deep historical knowledge are fascinating, and he is no exception. Today, I am scheduled to meet him in person. I will refrain from sharing what we plan to discuss at this time, but I hope to hold substantive discussions that help strengthen the Japan-U.S. economic relationship.