Prime Minister Sanae Takaichi speaks to reporters at the Prime Minister’s Office on the afternoon of April 15 after an online AZEC summit on energy cooperation. (©Sankei/Ataru Haruna)
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Amid the escalating situation in the Middle East, Prime Minister Sanae Takaichi announced on April 15 that Japan will provide $10 billion in financial support to Asian countries facing difficulties securing crude oil.
Japan relies on these countries for petroleum-derived medical supplies, and the aid is intended to stabilize their crude oil procurement while ensuring the continued flow of essential goods. The initiative also reflects a broader goal of deepening cooperation with Asian countries to strengthen energy security.
Takaichi made the announcement during an online leaders' meeting of the Asia Zero Emission Community (AZEC) and other energy security frameworks.
Speaking to reporters at the Prime Minister's Office afterward, she said, "We will pursue a path that allows the whole of Asia to become stronger and more prosperous," and confirmed that the funding would not draw on Japan's strategic reserves.
Many Asian countries maintain smaller oil reserves than Japan, and the Middle East crisis has triggered a serious regional energy shortage. The scale of Japan's support could cover up to approximately 1.2 billion barrels, roughly equivalent to a full year of crude oil imports for ASEAN nations.
Japan's medical sector relies on Asia for petroleum-derived products such as equipment used in dialysis and waste containers needed for surgeries.
Emergency and Structural Measures
As an immediate step, Japan will offer financial assistance to help local companies source crude oil from outside the Middle East, including the United States. This will be delivered through loans from the Japan Bank for International Cooperation (JBIC) and insurance coverage from Nippon Export and Investment Insurance (NEXI), both government-backed institutions.
Japan also intends to support more structural responses, such as expanding crude oil stockpiles in Asia by assisting in the construction of storage tanks. It will also encourage diversification of energy sources, including biofuels, and promote energy-saving initiatives.
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Author: Tomotaka Nakamura, The Sankei Shimbun
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