TOKYO: 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 US 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.
Earlier on Monday, Japan’s top currency diplomat Atsushi Mimura said that the government is prepared to take all measures to tackle volatility in foreign exchange, cautioning that speculative trade on oil futures could be impacting currencies.