Japan to sell a few hundred thousand kilolitres of oil from its stockpile

Dhwani Mehta FXStreet

Reuters is reporting the latest headlines from the Japanese government this Wednesday, citing that they will sell a few hundred thousand kilolitres of oil from its stockpile.

The government said that there is no decision on the timing of the sale of oil reserves.

Earlier in the Asian session, Japanese PM Fumio Kishida said that his country plans to release oil from its reserves in a way that won’t conflict with its oil stockpiling law.

Market reaction

USD/JPY is dropping in tandem with the US Treasury yields, which is in turn weighing on the US dollar.

The spot was last seen trading at 114.86, down 0.20% on the day, having hit four-year highs at 115.24 in early Asia.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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