Restarting nuclear reactors would help ease the impact of a weak yen on the Japanese economy by reducing fuel imports for power generation, the industry minister said Tuesday.
Despite lingering public concern about nuclear power following the Fukushima disaster, Economy, Trade and Industry Minister Yasutoshi Nishimura stressed that each resumed reactor would eliminate the need to import 1 million tons of liquefied natural gas, which could soften pressure to sell the yen for the U.S. dollar.
"This would become a countermeasure against yen depreciation," Nishimura told a press conference.
The yen has been under pressure recently, hitting a 32-year low against the dollar as the U.S. central bank keeps raising interest rates while the Bank of Japan leaves rates extremely low.
LNG prices have been also soaring on Russia's war in Ukraine. High energy and material costs have hit households and companies in Japan, which heavily relies on imports of essential goods including food and energy.
Most of the country's nuclear reactors have remained offline since the 2011 nuclear disaster in Fukushima Prefecture triggered by the massive earthquake and tsunami in northeastern Japan.
Nishimura's comment apparently reflected calls from industry for the reactivation of more reactors to secure a stable power supply and help achieve goals for cutting greenhouse gas emissions.
Prime Minister Fumio Kishida has pledged to restart up to nine reactors in preparation for this winter, during which the balance of electricity supply and demand is expected to become tight.
Nishimura also said the government will take advantage of the weak yen to support exports by the country's small and medium-sized businesses and encourage investment in Japan by overseas firms.
"We will be able to ease the impact of the yen's depreciation by promoting exports, investments (from overseas) and reactivating nuclear reactors," he said.
