Japan

〔NY石油〕WTI上伸、60．62ドル（21日）

Yahoo Finance | Local Language | News | Jan. 23, 2026 | UndeterminedEnergy Prices

On January 21, 2026, crude oil futures on the New York Mercantile Exchange rose due to expectations of tighter supply and demand. The March WTI contract settled at $60.62 per barrel, up $0.26 (0.43%) from the previous day, while the April contract increased by $0.30 to $60.39. Supply concerns emerged after production was temporarily halted at Kazakhstan’s Tengiz and Korolev oil fields due to power transmission system issues, supporting morning market buying.

Reuters reported that Venezuela’s oil exports under a major $2 billion contract with the United States amounted to approximately 7.8 million barrels, reflecting slow unwinding of recent production cuts and reinforcing supply tightness perceptions. U.S. President Trump, speaking at the World Economic Forum in Davos, highlighted strong U.S. economic growth over the past year and the country’s role as “the engine of the world economy,” which contributed to a rise in U.S. stocks and oil prices.

Markets exhibited some instability ahead of crude oil inventory data releases scheduled for January 22, leading to a cautious, wait-and-see mood among traders. Gasoline prices rose for the third consecutive day, with the February contract reaching 185.74 cents per gallon, the highest since early December 2025. Similarly, heating oil prices climbed for the third day, settling at 243.05 cents per gallon, the highest level since late November 2025.

NHK | English | News | Jan. 23, 2026 | UndeterminedPolitics and Elections

British Prime Minister Keir Starmer is expected to meet with Japanese Prime Minister Takaichi Sanae in Japan during the latter half of next week. This will be Starmer's first visit to Japan since taking office, with arrangements for the trip currently underway according to multiple Japanese government sources.

The leaders are anticipated to focus on enhancing cooperation in economic security and defense, including discussions on strengthening supply chains. Prior to visiting Japan, Starmer plans to travel to China. The meeting will likely include exchanges on issues related to Beijing, with Takaichi seeking Starmer's understanding of Japan's stance amid worsening Japan-China relations.

In November, Takaichi and Starmer previously met during the G20 summit in South Africa. Despite the upcoming Lower House election campaign starting next Tuesday in Japan, Takaichi intends to continue engaging in summit diplomacy during this period.

【開催報告】ウェビナー「高市政権の財政・税制の検証と今後の課題」（2026年1月8日 開催）

Tokyo Foundation for Policy Research | Local Language | AcademicThink | Jan. 23, 2026 | UndeterminedTaxes

The Takai administration has positioned "responsible proactive fiscal policy" as the cornerstone of its economic and fiscal management strategy, unveiling its first budget proposal for Fiscal Year Reiwa 8 with a general account total of ¥122.3 trillion, the largest for the second consecutive year. Tax revenues are forecasted to hit a record ¥83.7 trillion, while debt-service costs surpass ¥30 trillion. In a webinar held on January 8, 2026, fiscal experts from the Tokyo Foundation debated the realism of maintaining debt growth within economic growth rates as a substitute for achieving a primary balance surplus, among other fiscal policy concerns.

The discussion focused on various aspects, including the evaluation of the primary balance on a general-account basis, problems with the fiscal deficit-to-GDP ratio indicator, and the complexities of budget formulation under a small ruling party. Tax reforms received particular attention, including debates on income thresholds—specifically the ¥100 million threshold—and the review of burdens on extremely high incomes. The experts also assessed the expansion of investment tax cuts aimed at strengthening the economy, the clarity of priorities in the tax reform package, evidence-based policy making (EBPM) considerations, and the prospects for a Japanese version of DOGE (digital governance).

Further dialogue centered on the introduction and potential role of tax credits with benefits within the broader framework of tax and social security integration. Key issues raised included whether benefits should be allocated to family or individual units, the division of responsibility between national and local governments, funding mechanisms, and the digital infrastructure necessary for implementation. The webinar drew on detailed research and policy materials, emphasizing ongoing challenges and future directions in Japan’s fiscal and tax policy landscape under the Takai administration.