Prime Minister Fumio Kishida announced at a press conference on the night of the 16th that he would withdraw the most favored nation treatment that guarantees trade incentives as additional sanctions on Russia. He aligns with the seven major countries (G7) and increases pressure on Russia, which continues to attack Ukraine.
Prime Minister Kishida said that the soaring prices of crude oil and gas “worried regarding the impact on Japan’s economy and livelihood, which is a net importer of energy and food.” “We can never give in to Russia’s shaking and threats,” he said. “We will support the Ukrainians who are working hard to fight the aggression and protect their country.”
Additional sanctions on Russia
- Most favored nation treatment stopped
- Strengthen import / export control
- Export ban on luxury goods, import ban on some products
- Working with the G7 to prevent financing from major multilateral financial institutions, including the International Monetary Fund (IMF), the World Bank and the European Bank for Reconstruction and Development
- Further expand the scope of asset freezes for elites close to President Putin and emerging conglomerates (Oligarchs)
The sharp depreciation of the yen will have an impact on the recent rise in import prices, he said. On the other hand, he explained that the main factor was “the rise in global raw material prices including crude oil.”
Regarding the petroleum and liquefied natural gas (LNG) project “Sakhalin 2” in which Mitsui and Mitsubishi Corporation participate, he said, “It is an important project for Japan in terms of stable energy supply.”
Priority measures such as prevention of spread to prevent the new coronavirus will be lifted in 18 prefectures including Tokyo in 21 days. Using 1.35 trillion yen from the Corona reserve, we will purchase 75 million additional doses from Pfizer and 70 million additional doses from Moderna as the required amount for the fourth inoculation. He didn’t say when he might remove the mask.
Explanation regarding the new corona
- During the transition period to normal times for a while, regain daily life as much as possible
- Secure an additional 3 million doses-a corona remedy
- Expanded tourism stimulus “prefectural discount” to regional blocks-from April 1st
Prime Minister Fumio Kishida (February 17)
Photographer: David Mareuil/Anadolu Agency/Bloomberg