Japan eyes extra measures against rising oil prices
Japan said Tuesday it would consider fresh measures to reduce the impact of the recent surge in world oil prices on the nation's economy.
By Agencies |
TOKYO: Japan said Tuesday it would consider fresh measures to reduce the impact of the recent surge in world oil prices on the nation's economy.
"We have already taken measures, but we will consider what more we can do," top government spokesman Nobutaka Machimura told reporters.
The Japanese government has already earmarked 215 billion yen (2.0 billion dollars) in a special budget for individuals and small businesses affected by the surge in oil prices.
The budget is aimed at easing lending terms for small firms as well as providing subsidies for ship, bus and airline operators that offer services for rural areas, along with further discounts in expressway tolls at night.
Oil prices posted their biggest one-day gain on Friday, hitting a new record of about 139 dollars a barrel in New York, up fivefold since 2003 amid supply worries and rising demand in emerging economies.
Japan has almost no natural energy resources and relies heavily on imports of crude oil to power its economy, the second largest in the world.
"We have already taken measures, but we will consider what more we can do," top government spokesman Nobutaka Machimura told reporters.
The Japanese government has already earmarked 215 billion yen (2.0 billion dollars) in a special budget for individuals and small businesses affected by the surge in oil prices.
The budget is aimed at easing lending terms for small firms as well as providing subsidies for ship, bus and airline operators that offer services for rural areas, along with further discounts in expressway tolls at night.
Oil prices posted their biggest one-day gain on Friday, hitting a new record of about 139 dollars a barrel in New York, up fivefold since 2003 amid supply worries and rising demand in emerging economies.
Japan has almost no natural energy resources and relies heavily on imports of crude oil to power its economy, the second largest in the world.
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