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- Crude prices remained high even after the International Energy Agency’s move to release a record amount of oil reserves. Benchmark WTI futures briefly fell to around 82 dollars a barrel on Wednesday in New York following the announcement. But prices soon bounced back. Oil futures at one point rose to over 94 dollars a barrel.
- France, the current chair of the Group of Seven nations, says G7 leaders are exploring the possibility of providing escorts for ships in the Middle East. This comes as the Strait of Hormuz remains effectively blocked. A statement released by France says the G7 leaders discussed the economic consequences of “the war in the Middle East” and agreed to coordinate efforts to prepare for the restoration of freedom of navigation in the region.
- The New York Times says a preliminary investigation shows that the US military mistakenly targeted a school in southern Iran based on outdated data. The attack reportedly killed more than 160 people.
- Wednesday marks 15 years since the Great East Japan Earthquake and Tsunami. People across Japan are observing a moment of silence at 2:46 p.m., the exact time when the quake struck off the country’s northeastern coast. This triggered tsunami that swept across the region.
- East Japan Railway is raising its fares for the first time in nearly 40 years. Ticket prices will rise from Saturday by an average of 7.1 percent. This is JR East’s first across-the-board price hike since its founding in 1987, not including adjustments to keep up with the consumption tax.
- The International Energy Agency is reportedly proposing the largest release of crude oil reserves in its history to reduce energy prices. Oil prices surged earlier this week amid the hostilities in the Middle East. The Wall Street Journal says the IEA’s 32 member nations are expected to decide whether to approve the proposal on Wednesday.
- Moody’s Analytics chief economist Mark Zandi has provided his take on crude-oil futures remaining at the current high range of 85 to 90 dollars per barrel. He says global GDP expansion could drop by up to 0.4 percentage points in the coming year.
- Japan’s government is considering utility subsidies to help smaller companies and households amid a higher energy-price outlook. That’s due to the elevated futures prices for crude oil and natural gas.
- Canadian Prime Minister Mark Carney says the world is “more divided,” and “more dangerous.” But he wants to ensure his country can still prosper. He believes likeminded “middle powers” including Japan have much to gain by strengthening ties.
- Iran’s clerical leadership has chosen Mojtaba Khamenei, the second son of the former supreme leader, as the country’s new top leader. The Assembly of Experts chose Mojtaba Khamenei for the post on Sunday after his father Ayatollah Ali Khamenei was killed in US-Israeli military attacks.
- The Financial Times has reported that G7 nations will hold an emergency meeting to discuss a possible joint release of petroleum reserves in response to the surge in oil prices due to the situation in Iran.
- Japan’s Foreign Minister Motegi Toshimitsu says the government will help all Japanese nationals in the Middle East who want to return to Japan. Motegi said the government has been doing its utmost to ensure the safety of Japanese citizens in the Middle East since the start of the conflict. He said arrangements are being made to help those who wish to evacuate.
- US President Donald Trump has hinted that his administration may take steps on Cuba after military operations in Iran end.
- Iranian Foreign Minister Abbas Araghchi has ruled out outside intervention in choosing the successor of the supreme leader, Ayatollah Ali Khamenei, who was killed in a US-Israeli air strike.
- A Kremlin spokesperson says peace talks with Ukraine involving US officials have been paused due to the situation involving Iran.
- A small rocket developed by a Japanese startup firm failed in its third launch attempt on Thursday, with its flight aborted shortly after liftoff. Space One’s Kairos rocket lifted off from a launch pad in Kushimoto Town, Wakayama Prefecture, at 11:10 a.m., carrying five small satellites. The Tokyo-based company said it aborted the flight after determining the rocket would not be able to complete its mission, and is investigating the cause.
- Businesses in Japan are getting anxious as exports to the Middle East are already seeing an impact from the conflict there. A plastic model maker in central Japan started exporting to Saudi Arabia last September. The situation in the region became tense just as it was planning to expand its sales channels. The company is also worried about spiraling costs as its main material is derived from crude oil.
- A UN fact-finding mission has strongly condemned the US-Israeli strikes against Iran, and called for an immediate cessation of attacks by all parties. The Independent United Nations mission investigating the human rights situation in Iran released a statement on Wednesday that denounces the US and Israel, saying the attacks “run counter to the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any State.”
- Shares in Tokyo fell for a third day on Wednesday as concerns about energy supplies from the Middle East continue to roil financial markets globally.
- The Tokyo High Court has issued an order to disband the group formerly known as the Unification Church.
- Energy prices in Europe are surging as the conflict in the Middle East disrupts supplies. Shipping through the Strait of Hormuz, a key channel for gas and oil transport, has been disrupted as the United States and Israel continue the conflict with Iran.
- The United States and Israel have been intensifying their attacks on Iran after they killed the country’s top leader. US President Donald Trump said on Monday that he thinks the operation could take four to five weeks, or more. He said that the US is ensuring that “the world’s number one sponsor of terror can never obtain a nuclear weapon.”
- China’s foreign ministry says Foreign Minister Wang Yi spoke by phone on Monday with Iranian Foreign Minister Abbas Araghchi. Araghchi told Wang that the United States has violated all international laws and crossed Iran’s red lines. He said Iran has no choice but to defend itself with all its might. Wang said Beijing supports Iran in safeguarding its sovereignty, security, territorial integrity and national dignity. He added that China has urged the US and Israel to immediately halt military operations.
- At an event in the city of Ise in central Japan’s Mie Prefecture, families snapped photos of their children dressed as traditional “hina” dolls. In many households, hina dolls are displayed ahead of the festival to pray for the health and happiness of young girls.
- France, Germany and Britain have strongly condemned Iran over what they described as indiscriminate attacks in the region.
- China’s foreign ministry says Foreign Minister Wang Yi spoke by phone on Sunday with Russian Foreign Minister Sergey Lavrov about the US and Israeli strikes on Iran. The ministry quotes Wang as saying it is unacceptable for the United States and Israel to launch the strikes during Iran-US negotiations.
- Japan’s Prime Minister Takaichi Sanae says Japan will make every necessary diplomatic effort with the international community to quickly help calm the situation over Iran. She also said Japan will spare no efforts to secure the safety of its nationals in the region.
- The US trade representative says Washington is set to raise import tariffs to 15 percent from 10 percent, a move that could affect Japan and many other countries. The levies replace some of the previous tariffs imposed by the Trump administration, which were struck down by the Supreme Court last week.
- Senior US and Iranian officials wrapped up their nuclear talks on Thursday in Geneva. The Iranian side described the session as “one of the most serious” exchanges they have had.
- Private-sector weather firms in Japan have released their latest forecasts for when the buds on cherry trees in the country will start to open this spring.