Press Conference by Minister Akazawa (Excerpt)

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

8:40–8:48 a.m.
Friday, May 29, 2026
In front of the elevator hall, 2nd floor, Annex to the House of Representatives

Opening Remarks

Visit to Kagoshima Prefecture

I would like to make a brief announcement. I will be traveling to Kagoshima Prefecture on a business trip the day after tomorrow, Sunday, May 31. I will be observing the ENEOS Kiire Terminal. As you know, this terminal is where the national crude oil stockpiles are maintained. In light of the current situation in the Middle East, the terminal has been releasing its crude oil stockpiles since late March in order to ensure a stable supply of oil. During this trip, I intend to visit the sites actually managing the stockpile releases to directly observe the frontline operations being carried out under these challenging circumstances.

Question-and-Answer Session

Joint statement between Japan and the Philippines on ASEAN-wide joint stockpiling

Q: Following yesterday's summit meeting with the Philippines, a joint statement on ASEAN-wide joint stockpiling was issued. Could you share your thoughts on the significance of this joint statement, and how you plan to move forward with its concrete implementation? Thank you.

A: In light of the current situation in the Middle East, I understand that the Philippines, as this year's ASEAN chair country, intends to explore the possibility of joint stockpiling within the ASEAN region to enhance regional energy resilience. Japan is closely connected to the ASEAN region through supply chains for critical goods, including medical supplies. I believe that ensuring a stable energy supply for ASEAN through these efforts is also significant for Japan. Japan has maintained its stockpiling system for over 50 years since the oil crises in the 1970s, and this system has functioned effectively during the current crisis. Leveraging our extensive experience, I look forward to contributing to the discussions on these initiatives. If I may share a personal reflection on what I have been feeling strongly of late, we owe a deep debt of gratitude to our predecessors. Their dedication, foresight, and efforts in shaping post-war Japan, particularly from a crisis management perspective, are truly commendable. Amid this crisis, Asian countries are all saying they want to learn from Japan's oil stockpiling system, while Western nations are saying they want to learn from and adopt Japan’s critical mineral reserve system. Both of these systems were built up by our predecessors, who had the foresight to prepare for future crises. I believe Japan has a great deal to contribute to the world. Regarding concrete implementation going forward, we plan to develop a roadmap for establishing a joint stockpiling system through the Economic Research Institute for ASEAN and East Asia (ERIA), and announce it at the ASEAN Summit and the Asia Zero-Emission Community (AZEC) Leaders Meeting scheduled for this autumn.