The Japanese government is considering releasing its reserves in response to rising oil prices, Kyodo news agency reported Saturday, citing no sources.
This would be the first time Japan would release its oil reserves to lower pricesalthough the country has used reserves in the past when it faced natural disasters and geopolitical threats abroad, Kyodo reported.
The agency has not been able to receive a comment from government representatives on this matter.
According to Kyodo, Japan is following American attempts to find allies among the world’s largest economies to agree to release oil from its strategic reserves to suppress the rise in energy prices.
President Joe Biden’s administration has asked a number of countries, including China for the first time, to consider releasing oil stocks. US President Joe Biden and Chinese leader Xi Jinping discussed the issue at Tuesday’s virtual summit.
Earlier, the US administration also asked other countries in Asia, including India, Japan and South Korea, to join the joint efforts to increase the supply of oil in the fuel markets.