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There are a number of reasons for this: * Japan's access to oil is via ship, which is expected to become more difficult as China is anticipated to tighten the
by kstenerud 4y ago
There are a number of reasons for this:
* Japan's access to oil is via ship, which is expected to become more difficult as China is anticipated to tighten the screws in the South China Seas even further in coming years and Russia is unlikely to offer favorable terms since Japan is aligned with the West. Japan has past trauma of being cut off from oil by America and England, so they're particularly sensitive about this.
* The Ukraine war has highlighted how fragile the world energy sources actually are, and everyone is hedging however they can.
* Japan is following the general world trend towards isolationism and nationalism that flows from a sudden decrease in stability (COVID and the Ukraine war), and although this phase will pass, it's still having an effect on decision making now.
* A declining population and economy that basically will continue doing so means that big investments make more sense now than later (even though they still won't be able to pay for it).
* The LDP has defacto ruled Japan virtually unopposed since the end of WW2, and Japanese people rarely seriously question the government's judgment beyond a bit of localized murmuring.
Japan needs energy security, and its options are very limited.