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Story summary
- Japanese Prime Minister Sanae Takaichi ordered a review of the oil supply chain due to rising oil prices from the ongoing war in Iran.
- At a March 24 meeting, she tasked Trade Minister Ryosei Akazawa with examining petroleum-related products.
- Japan's oil imports, primarily from the Middle East, face disruptions, prompting the government to release oil from reserves and provide subsidies to stabilize gasoline prices.
- Higher oil prices may complicate the Bank of Japan's plans for interest rate hikes, as inflationary pressures increase amid a weakening yen.
