Members of Key Govt Panel Call for Accelerating Energy Investments

(The final paragraph should have read “… In fiscal 2023…”) Members of Key Govt Panel Call for Accelerating Energy Investments Tokyo, May 11 (Jiji Press)–Private-sector members of a Japanese government panel on Monday called for accelerating investments in the energy sector to strengthen the country’s economic security amid ongoing turmoil in the Middle East. At the day’s meeting of the Council on Economic and Fiscal Policy, the members also urged the Bank of Japan to consider the supply of and demand for funds in its monetary policy management. The conflict between the U.S.-Israel side and Iran has led to a de facto closure of the Strait of Hormuz, boosting crude oil prices and fueling concerns about the supply of oil-derived products, such as naphtha, in Japan. The private-sector members requested that the government secure the necessary supply of crude oil and other critical materials and provide funding support for companies. Japan relies on the Middle East, including from Saudi Arabia and the United Arab Emirates, for over 90 pct of its crude oil imports. In fiscal 2023, its energy self-sufficiency rate was 15.3 pct, lower than that of other major countries, such as Canada and the United States. END [Copyright The Jiji Press, Ltd.]