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- NHK has leaned that the Japanese government believes it will need more money to pay for gasoline subsidies. Officials now plan to tap into a reserve fund amid growing concerns over the Iran conflict. The subsidies went into effect last week. They were initially covered by funding of about 280 billion yen, or roughly 1.7 billion dollars.
- Tokyo’s benchmark stock index fell sharply at the start of Monday trading. The Nikkei 225 lost about 2,600 points at one stage, or 5 percent, amid worries the conflict in Iran is set to escalate and further disrupt crude oil supplies.
- Iran says it will completely close the Strait of Hormuz if the United States follows through on President Donald Trump’s threat to attack Iranian power plants. Trump posted a social media message on Saturday. In it, he threatened to “obliterate” Iranian power plants if Tehran fails to fully open the strait within 48 hours.