Japan PM Says Nuclear Reliance Will Be Cut

Japan will reduce its reliance on nuclear power, while also seeking to promote conservation and clean energy sources, Prime Minister Shinzo Abe reiterated in comments to parliament today.

“We will work to promote an energy conservation society and introduce renewable energy,” Abe said. “On that basis, reliance on nuclear power will be cut as much as possible.”

Abe was joined by economy minister Toshimitsu Motegi in telling lawmakers that nuclear energy, which once supplied more than a quarter of the nation’s electricity before the Fukushima accident, must still be part of Japan’s energy mix.

The government has proposed an energy plan that describes nuclear energy as “an important base load energy source.”

The draft presented by the government on Feb. 25 requires approval by the Cabinet. The draft will be reviewed by the ruling parties before Cabinet approval, Motegi said this week.

In addition to nuclear power, the program also defines hydroelectric, geothermal and coal power as continuous and low cost sources of energy for Japan.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza