Original title: newsletter! Less than 24 hours after the United States announced the release of oil reserves, Ishida announced the release of Japanese oil reserves
[global network news] Japan's Tokyo Broadcasting Corporation (TBS) has just reported that in view of US President Biden's announcement of the release of oil reserves on the 23rd, Ishida officially announced the release of Japan's national oil reserves on the 24th. It is reported that this is the first time Japan has released its national oil reserves in order to curb the rise in oil prices.

Prime Minister Yukio Kishida officially announced the release of oil reserves (photo source: TBS)
At the press conference, Hamada said: "I learned that US President Biden announced the release of oil reserves on the 23rd, and (Japan) and the United States have been cooperating in stabilizing the international oil market. China will adjust the pace in line with the United States and sell some national oil reserves in the form of not violating the (Japan) oil reserve law."
It is worth noting that Japan's oil reserve law only allows the release of oil reserves in the case of insufficient supply caused by war and natural disasters, and does not include the rise of oil prices. In addition, according to Asahi Shimbun, Japan released the oil reserves of private institutions during the Gulf War and the March 11 earthquake in Japan. So far, there is no precedent for releasing the national oil reserves. The daily news said that the indirect release of national oil reserves in order to lower oil prices is an extremely unusual example and may cause controversy.

Data map of Japan's national oil reserve base