CANBERRA, Australia: A global oil supply squeeze is inflicting an &quot;enormous impact&quot; on the Asia-Pacific region, Japan Prime Minister Sanae Takaichi said Monday. Speaking in Canberra after talks with Australian Prime Minister Anthony Albanese, she said the two countries would respond urgently to secure stable energy supplies. Roughly one-fifth of the world&#39;s oil normally flows through the Strait of Hormuz, where shipping has been throttled. Eighty percent of that oil is destined for Asia, according to the International Energy Agency. &quot;The effective closure of the Strait of Hormuz has been inflicting enormous impact on the Indo-Pacific,&quot; the Japanese leader told journalists. &quot;We affirmed that Japan and Australia will closely communicate with each other in responding with a sense of urgency.&quot; The two countries aim to strengthen autonomy and resilience to secure stable supplies of energy, Takaichi said. Australia is the biggest supplier of liquefied natural gas to Japan, which in turn is a source for about seven percent of Australia&#39;s diesel.&nbsp;&#39;Global shocks&#39;&nbsp;The two countries issued a string of statements vowing to work together on energy, the economy, defense, and critical minerals. &quot;These agreements are to the benefit of both of our people,&quot; Albanese said. &quot;For Australians, it will mean we are less vulnerable to global shocks like we are seeing right now because of conflict in the Middle East.&quot; Japan&#39;s government has said it is also keen to ensure a stable supply of critical minerals, essential for semiconductors, electric vehicle batteries and weapons systems. Australia has touted its abundant critical minerals as a way to loosen China&#39;s grip over global supplies of rare earths. Australia and Japan have strengthened their defense ties, too, striking a Aus$10 billion (US$6 billion) deal last year for Japan to provide Mogami-class stealth warships to the Australian navy.

Business

Roughly one-fifth of the world's oil normally flows through the Strait of Hormuz, where shipping has been throttled; 80% of that oil is destined for Asia, according to the International Energy Agency.

Japan PM says oil crisis has 'enormous impact' in Asia-Pacific

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ISLAMABAD: The International Monetary Fund officially launched its new regional center in Shanghai on Monday, aiming to strengthen research, policy dialogue, and capacity-building across the Asia-Pacific region, marking a significant expansion of the fund&#39;s presence in the region. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1997868040684474655&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=e8a889d7c22acd41d230d76ea7167318b94c6287&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 630px; display: block; flex-grow: 1;"></iframe></div> </div>The Shanghai Regional Center, established in partnership with the People&#39;s Bank of China, will serve as a hub for research on economic policies affecting emerging and middle-income countries across the region, the IMF said in the press release. The center will also facilitate engagement with member countries and capacity-building programs. &quot;The center will further strengthen the IMF&#39;s engagement in the dynamic Asia Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation,&quot; IMF Managing Director Kristalina Georgieva said in a statement. Johannes Wiegand, a veteran IMF economist with extensive experience in global and regional economic policy, will serve as the center&#39;s first director. The facility will be co-located with the China IMF Capacity Development Center to maximize collaboration between the two institutions. The IMF thanked China for its financial contributions in setting up the facility. The launch event included an inaugural research seminar titled &quot;Trending Issues in Macroeconomic Policy Research,&quot; which brought together economic scholars from across the region and IMF staff. Participants discussed challenges facing emerging economies, including structural transformation, growth, finance, artificial intelligence, and innovation. The Shanghai center is part of the IMF&#39;s global network of 20 regional centers and offices. These facilities serve various functions, from research and policy analysis to technical assistance and stakeholder engagement.

China

The International Monetary Fund launched its Shanghai Regional Center to enhance engagement in the Asia-Pacific region, promote economic research, and facilitate capacity-building programs for emerging markets, in partnership with the People's Bank of China.

Articles tagged with "Asia-Pacific"

Japan PM says oil crisis has 'enormous impact' in Asia-Pacific

IMF opens Shanghai center to boost Asia-Pacific engagement