Japan’s Akazawa says to Discuss allocation, timing of IEA oil reserve release

Japanese Trade Minister Ryosei Akazawa said on Friday that he will continue to discuss Japan's allocation and timing of the International Energy Agency (IEA) led coordinated oil reserves release. Akazawa added that Japanese companies are exploring alternative sources for crude oil procurement, including the United States, Central Asia, and South America. 

Meanwhile, Japan’s Finance Minister Satsuki Katayama noted that higher oil prices are having a major impact on financial markets. Katayama further stated that she is ready to take all possible measures, considering that oil prices could affect daily lives. 

Key quotes from Akazawa

Will continue to discuss Japan's allocation and timing of International Energy Agency led coordinated oil reserves release. 

Japanese government together with private sector operators will make utmost efforts in securing alternative sources of crude oil.

Japanese companies are exploring alternative sources for crude oil procurement, including United States, Central Asia, and South America.  Market reaction

Market reaction

At the time of writing, the USD/JPY pair is trading around 159.40, up 0.03% on the day.