Prime Minister Fumio Kishida‘s Liberal Democratic Party wants to boost nuclear power back to 20 per cent to 22 per cent of Japan’s energy mix by 2030
Japan’s push to restart nuclear reactors, shut down after the Fukushima disaster a decade ago, could get a tailwind as the governing coalition looks set for gains in a national election on Sunday.
A boost for Kishida’s pro-nuclear party would not directly affect decisions on restarting reactors, as they require the approval of local communities. But public support for his agenda could be a tailwind as the national mood shifts. Flaring tensions with Russia over its invasion of Ukraine have also threatened higher energy prices for a resource-poor nation grappling with inflation after prolonged deflation. Russia is a major supplier of Japan’s liquefied natural gas and coal.
Despite ongoing anti-nuke protests, voters have a grudging sense that restarts cannot be helped, said Daiwa Securities senior economist Toru Suehiro. Kishida indeed may just be using pro-nuclear rhetoric to court conservative voters, who regard it as a national security imperative, to cover an otherwise dovish platform, Suehiro said.In an increasingly tense relationship with Moscow, Kishida said last weekend the Group of Seven industrial powers had agreed to cap Russian oil prices at around half the current level, a decision not announced by the G7.
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