Press Conference by Minister Akazawa (Excerpt)

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

 

8:37-8:40 a.m.
Monday, June 22, 2026
In front of the Cabinet Room, 2nd Floor, National Diet Building

Opening Remarks

Global Startup EXPO 2026

First, I would like to make a brief announcement. As already announced, the Global Startup EXPO 2026 will be held in Osaka this October. This event was first held in September last year at the Expo 2025 Osaka, Kansai site, attracting around 10,000 participants from Japan and abroad. This year, the event will be further developed with a focus on advanced technologies and will be held as one of Asia’s leading deep tech events, bringing together promising startups, as well as investors, researchers, and corporations, from around the world. Currently, coordination with key participants is underway, and details such as speakers for certain sessions will be announced by Osaka Prefecture on June 24, which marks 100 days before the opening of the event. The Ministry of Economy, Trade and Industry (METI) also intends, through this event, to attract global talent, capital, and technologies to Japan, while showcasing Japan’s startup ecosystem to the world.

Question-and-Answer Session

Iran’s statement on the closure of the Strait of Hormuz

Q: Yesterday, Iran issued a statement indicating that it would again close the Strait of Hormuz. How do you, as Minister, perceive this latest statement, coming immediately after the United States and Iran concluded a memorandum aimed at ending hostilities last week? In addition, what impact do you expect this to have on Japan’s energy procurement, including crude oil?

A: I am aware of the reports. Japan strongly expects that the memorandum between the United States and Iran will be steadily implemented and that free and safe navigation in the Strait of Hormuz will be promptly restored. We intend to closely monitor related developments. Regardless of the situation in the Strait of Hormuz, with respect to crude oil for July, procurement has already been secured at a level equivalent to approximately 100% of that of an ordinary month in the previous year.

Furthermore, even assuming conservatively that procurement from August onward continues at 75% of that level, a stable oil supply can be maintained through the end of March 2028, the end of fiscal year 2027, by using reserves and other measures. As I have noted, we will continue to monitor the situation with great interest and make every effort to ensure a stable energy supply for Japan. If I may add, it is not uncommon in diplomatic negotiations for countries to take what may seem to be drastic actions immediately before entering into negotiations in order to strengthen their positions. Therefore, it is not necessary to comment on each individual development. We will closely monitor the outcomes and respond appropriately.