The Japan Financial Services Agency released an English summary of Japan’s Minister of Finance and Minister for Special Missions’ press conference, recapping an urgent G7 finance ministers online meeting on the Middle East and its impact on stability, the global economy, trade, and regional financial markets. The minister indicated that participants agreed to closely monitor energy-market developments and consider measures to support global energy supply, including the release of oil reserves. The International Energy Agency called for the resumption of maritime transportation through the Strait of Hormuz and urged an urgent, coordinated release of oil stockpiles by countries, while the International Monetary Fund discussed the potential impact on financial markets, including foreign exchange, and the global economy. The minister described volatility in Japan’s stock and foreign exchange markets linked to higher crude oil prices and sought cooperation from the United States and the United Kingdom on marine insurance-related measures raised in the meeting, including the U.S. International Development Finance Corporation initiative and Lloyd’s reinsurance capacity. Finance ministers also agreed to urge the ministers responsible for energy to take action on stockpile releases, continue close information sharing, and issue timely messages and measures as the situation evolves, with a communiqué expected under the French chair. The minister noted that the French chair plans to convene a G7 energy ministers meeting very soon, and that any decisions on whether and how much to release would be addressed in that forum, with the issue potentially escalating to the summit level at an early stage.

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