A combination of record fuel prices and social media-driven war anxiety is testing public confidence in Japan as the government announces the biggest-ever release from its strategic oil reserves — approximately 80 million barrels to domestic refiners from Thursday. Prime Minister Sanae Takaichi confirmed the deployment in response to the US-Israel conflict with Iran, which has disrupted the Strait of Hormuz and threatened Japan’s access to the Middle Eastern crude that accounts for over 90% of its oil imports. The government is working hard to demonstrate that it is on top of a crisis that is both real and psychologically challenging.
Fuel prices had surged to a record ¥190.8 per litre before government subsidies were introduced to hold costs at approximately ¥170. These subsidies will be reviewed weekly and adjusted as oil markets evolve. For many Japanese households and businesses, the sight of petrol prices at record highs has been a tangible and alarming indicator of the crisis’s severity.
The social media dimension of the crisis has been equally challenging, with viral posts about imminent shortages of toilet paper, cat food, beer, and other household goods spreading anxiety. Officials from the trade and industry ministry urged consumers to buy based on need rather than fear, and industry bodies confirmed that most household goods are made domestically and are not threatened by the energy disruption. The memories of the 1973 oil shock and Covid-era panic buying loom large in these communications.
The reserve release itself — 80 million barrels covering 45 days of demand, 1.8 times the previous record — is backed by Japan’s total reserves of approximately 470 million barrels. This deep reserve base gives the government the capacity to sustain its response without endangering Japan’s longer-term energy security. Energy officials say they are monitoring the situation continuously and are prepared to act further if needed.
Takaichi has steadied the government’s hand throughout the crisis, managing both domestic economics and international diplomacy with consistent purpose. Her refusal of Trump’s request for naval deployment — grounded in constitutional principle — has been delivered without ambiguity or apology. Japan’s response to this test of public confidence, economic resilience, and foreign policy principle will shape its national standing for years to come.
