Press Conference by Minister Akazawa (Excerpt)

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

 

8:34-8:42 a.m.
Friday, June 19, 2026
In front of the elevator hall, 2nd floor, Annex to the House of Representatives

Opening Remarks

Preliminary determination on anti-dumping duties on nickel-added cold-rolled stainless steel coil, sheet and strip

Following an anti-dumping investigation into nickel-added cold-rolled stainless steel coil, sheet and strip originating in China and Taiwan, we issued a preliminary determination today, Friday, June 19, finding that the products are being exported to Japan at unfairly low prices and are causing injury to the domestic industry. To reiterate, the products in question are nickel-added cold-rolled stainless steel coil, sheet and strip. Based on this determination, we plan to impose provisional duties of up to approximately 45% on imports from China and up to approximately 21% on imports from Taiwan. Subject to consultation with the Council on Customs, Tariff, Foreign Exchange and Other Transactions and receipt of its recommendation, we intend to begin imposing these duties as early as next month.

Question-and-Answer Session

Memorandum of understanding between the United States and Iran

Q: I would like to ask you about the situation in the Middle East. The United States and Iran have signed a memorandum of understanding aimed at ending hostilities. The memorandum declares the termination of military operations and includes provisions for Iran to take measures to ensure safe navigation in the Strait of Hormuz for 60 days, as well as to carry out mine clearance within 30 days. Could you please share your thoughts as the minister responsible for measures to ensure a stable energy supply?

In addition, even if the Strait of Hormuz is reopened in line with the memorandum, some believe that a review of Japan’s heavy reliance on Middle Eastern crude, which exceeded 90% before the closure, cannot be avoided. Could you also comment on any new challenges, as well as remaining issues, with regard to ensuring a stable energy supply?

A: I am aware of the media reports. I would like to welcome the signing of this memorandum as a significant step toward resolving the situation. I strongly hope that the memorandum will be steadily implemented and that free and safe navigation in the Strait of Hormuz will be promptly restored, and we will continue to closely monitor the developments. With regard to crude oil procurement for July, as I have already explained, arrangements have been made to secure approximately 100% of the volume compared to an ordinary month in the previous year, which has provided considerable reassurance to the public. I would like to express my sincere appreciation for the efforts of oil refiners and distributors.

On the other hand, once the Strait of Hormuz is reopened, supplies based on term contracts for Middle Eastern crude will resume in addition to substitute procurement, and we intend to proceed while taking these factors into account. We also fully recognize that imbalances in supply and bottlenecks in distribution persist in certain segments. To address these issues, while we have already been implementing similar measures for fuel oils, we will also launch a mechanism for petroleum products such as thinner, allowing direct sales from thinner manufacturers to construction firms and others, starting next Tuesday, June 23. We have been working together with both public and private sectors in these efforts. We will continue to make every effort until distribution issues are resolved nationwide.