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Japan government considering intervention in oil futures, market sources say

Japan is exploring measures to intervene in crude oil futures as Middle East tensions drive prices up, while market exchanges express caution over government involvement.

March 23, 2026

Atsuko Aoyama and Takaya Yamaguchi/Reuters

Japan government considering intervention in oil futures, market sources say

FILE PHOTO: An oil refinery in the Keihin Industrial Zone in Kawasaki, south of Tokyo, Japan March 17, 2026.

Issei Kato/Reuters

Japan's government is considering intervention in crude oil futures as the Middle East crisis drives energy prices sharply higher, market sources said on Monday.


Government inquiries were made regarding specific methods for intervening in the crude oil futures market, one source said.


Previously, the heads of a number of top exchanges have said they opposed any potential ​intervention from the U.S. government in the oil futures market, amid ‌rising energy prices in the aftermath of the Iran conflict.


Japan's Ministry of Finance did not immediately respond to a request for comment about the reported operations in oil markets.


-Reporting by Atsuko Aoyama, Takaya Yamaguchi; Editing by Toby Chopra/Reuters

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