August 8, 1990 |
In 1973, when the first oil shock struck, Japan panicked. Housewives scrambled to buy up toilet paper. Diplomats kowtowed to Arab wishes. Before the chaos ended, prices shot through the roof and the gross national product shrank for the first time. But as the world's third oil shock gets under way, panic has struck only Japan's paper economy. Prices on the Tokyo Stock Exchange, which took a beating for three months until the 225-share Nikkei stock index bottomed at 28,002.
August 4, 1990 |
Japan on Friday imposed an unofficial freeze on Kuwait's assets here to protect them from falling into Iraqi hands and announced that it would impose sanctions on Iraq to punish it for invading its tiny neighbor. Chief Cabinet Secretary Misoji Sakamoto said Prime Minister Toshiki Kaifu had agreed to a request from President Bush to join other Western nations in taking coordinated action against Iraq, a supplier of 6% of Japan's oil imports.
August 2, 1990 |
Tokyo stocks plummeted in early afternoon trading today and the yen fluctuated wildly against the dollar as Japan monitored news of an Iraqi invasion of Kuwait. Japan is hugely dependent on Persian Gulf oil supplies and a Foreign Ministry official said of the attack: "We deeply regret (the development) because it involves military actions. "The conflict, if further aggravated and prolonged, would have significant impact on Japan in various forms, especially in terms of oil supplies."
December 19, 1989 |
Saudi Arabia, which has the world's largest supply of crude oil, wants to start oil refining and marketing in Japan, a move that may force reorganization of Japan's oil industry, a leading economic journal says. Nihon Keizai Shimbun reported Sunday that Saudi Arabia has already sounded out the Japanese Ministry of International Trade and Industry as well as the Resources and Energy Agency about the possibility.
December 21, 1988 |
Led by a surge in consumption in the United States and Japan, the world has apparently been using about 1 million more barrels of oil per day in 1988 than government and private economists believed as recently as a few months ago. A leading private forecaster this week sharply boosted his estimate of the year's growth in world oil demand to 3% to 4% above 1987 levels, compared to a previous estimate of 1.8%.