Japan secures oil supplies amidst Iran-U.S. tensions

Japanese Prime Minister Sanae Takayashi confirmed that the country has secured sufficient crude oil supplies until the end of March 2028, through a strategy that includes diversifying import sources and systematically drawing from reserves, despite the deteriorating situation in the Middle East and the re-imposition of US sanctions on Iran. At the same time, Japan's strategic oil reserves experienced a significant decline in June but recovered to approximately 200 days of domestic consumption by July. This occurred alongside a decline in the value of the Japanese yen, which reached its lowest level in 40 years, amid expectations that government intervention in the currency market will be difficult without more bold measures, especially if interest rates are raised by the Bank of Japan or the United States.

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