Japan’s PM Kishida: Will take steps to phase out imports of Russian oil over time

Dhwani Mehta FXStreet

Japanese Prime Minister Fumio Kishida was on the wires in the last hour, making some comments on Japan’s embargo on Russian oil imports.

Key quotes

Japan will ban Russian crude oil imports "in principle," as part of a Group of Seven (G7) campaign to counter Russia's invasion of Ukraine.

"We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion."

“No change to existing plan to work on restarts of nuclear power stations by ensuring safety, gaining public understanding.”

Market reaction

USD/JPY is consolidating below 131.00, having tested the latter earlier this Monday, as the strength around the US dollar remains unabated amid a flight to safety.

The spot is trading at 130.78, adding 0.17% on the day.

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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