Japan to Release Oil Reserves as Early as March 16

Mar 12, 2026 | News On Japan

TOKYO - Japan plans to release petroleum reserves as early as March 16 in response to surging crude oil prices driven by escalating tensions in the Middle East, with the government also aiming to keep the nationwide average gasoline price at around 170 yen per liter.

Prime Minister Sanae Takaichi announced that Japan would move ahead with the release of its oil reserves without waiting for a formal international agreement.

"We have decided that Japan will take the initiative in easing supply and demand in the international energy market by releasing reserves as early as March 16, rather than waiting for an official decision on a coordinated international release," Takaichi said.

Speaking on March 11, Takaichi explained that Japan currently holds reserves equivalent to 254 days of supply and plans to begin the release by tapping 15 days' worth from private-sector reserves and about one month from government-controlled stockpiles.

The prime minister also warned that rising crude prices could push gasoline prices above 200 yen per liter, instructing Economy, Trade and Industry Minister Yoji Muto to swiftly implement emergency measures to cushion the sudden surge in fuel costs.

Under the plan, the government will attempt to keep the average retail price of gasoline at around 170 yen per liter nationwide. Similar measures will also apply to diesel, heavy oil, and kerosene. Funding will come from the remaining balance of the government's Fuel Oil Price Volatility Mitigation Fund.

An official from the Ministry of Economy, Trade and Industry said that if disruptions continue, shipments from the Persian Gulf passing through the Strait of Hormuz toward Japan could effectively stop after around March 20.

"If the situation continues, ships heading to Japan through the Persian Gulf and the Strait of Hormuz will disappear after around March 20, and crude oil supplies to Japan would drop sharply," the official said.

According to the ministry, if the closure of the Strait of Hormuz persists, there would be no alternative shipping routes for more than a month, prompting Japan to release reserves independently.

Meanwhile, anticipating further gasoline price increases, the government will introduce new subsidies starting with shipments from March 19. Any portion of gasoline prices exceeding 170 yen per liter will be fully subsidized.

Source: TBS

Typhoon Moves Away From Okinawa but Severe Weather Risks Remain

Large and powerful Typhoon No. 9 (Bavi) has made landfall in central China and is moving northwest, bringing an end to the worst of the rain across Okinawa while leaving dangerous seas and strong winds in its wake. Forecasters are also warning that the system could trigger heavy rain in Hokkaido later this week after transitioning into an extratropical cyclone.

Typhoon No. 9 Travel Disruptions Continue on Some Okinawa Routes

Transport disruption from Typhoon No. 9 (Bavi) continued on July 12, with airlines warning that some flights serving Okinawa’s outlying islands could still face delays, cancellations or conditional operations even after the storm moved away from the prefecture.

JAXA Successfully Lands Reusable Rocket Test Vehicle

JAXA successfully landed a small experimental vehicle for a reusable rocket on July 11, marking a step toward technology that could increase the frequency of space launches while helping reduce costs.

Bear Sightings Surge With 50 Cases in Iwate in One Week

A wave of bear sightings across Japan has forced the cancellation of traditional summer events, while one animal entered a home and came within inches of a sleeping resident's face.

Brutal Heat to Grip Japan as Heatstroke Risk Climbs

Japan is expected to remain under intense summer heat through next week as the Pacific high-pressure system continues to dominate the country, bringing widespread temperatures above 30 degrees Celsius and increasing the risk of heatstroke.

MEDIA CHANNELS

MORE Politics NEWS

Fukuoka Assembly Faces Scrutiny Over Luxury Travel

The Fukuoka Prefectural Assembly is facing mounting scrutiny over its use of public funds after revelations that assembly members spent about 45 million yen in one year on overseas inspection trips, including a Hawaii visit that cost nearly 12 million yen for four members.

Osaka City Approves Japan's First Citywide Vacant Home Tax

Neyagawa in Osaka Prefecture has approved Japan's first citywide tax on vacant homes, imposing a new municipal levy at a rate of 35% on owners in addition to existing fixed-asset taxes from fiscal 2029.

Reiwa Party Chief Steps Down Over Speeding and Health Issues

Taro Yamamoto, leader of Reiwa Shinsengumi, announced on July 10 that he will resign as party leader and retire from politics, citing both a speeding violation that resulted in criminal penalties and ongoing health problems.

Takaichi’s Growth Strategy Under Pressure

Prime Minister Sanae Takaichi’s economic strategy came under renewed scrutiny on July 8 as the government considered softening language in its long-term policy blueprint that had raised concerns over political pressure on the Bank of Japan, while the administration continued to face Diet tensions over its legislative agenda before the current session ends next week.

Japan, U.S., South Korea Agree to Promote Next-Generation Small Modular Reactors

Japan, the United States and South Korea have agreed to work together to promote the introduction of next-generation small modular reactors, signing a memorandum of cooperation at a foreign ministers' meeting in Turkey on July 7.

LDP and Ishin Leaders Meet as Diet Remains Stalled

Prime Minister Sanae Takaichi and Japan Innovation Party leader Hirofumi Yoshimura held talks on July 7 as Diet deliberations remained stalled over opposition resistance to two bills Ishin is seeking to pass, including legislation to cut the number of lawmakers and a bill to establish a secondary capital.

Opposition Boycott Leaves Diet Committees Running on Empty

Opposition parties boycotted Diet deliberations after accusing the ruling bloc of forcing debate on bills to cut the number of lawmakers and create a secondary capital system, leaving committee sessions to proceed without them and exposing widening rifts not only between the ruling and opposition camps but also within the government and ruling coalition.

Japanese-Descended Keiko Fujimori Wins Peru Presidential Election

Peru's election authorities formally announced on July 3 that Keiko Fujimori, the Japanese-descended eldest daughter of former President Alberto Fujimori, had won the country's presidential runoff election.

< 2 3 4 5 >