Crude oil, straight down the plunge!

[Introduction] International crude oil futures prices plunge in a straight-line drop, with Japan and South Korea’s stock markets opening higher and rising steadily

Let’s take a look at the situation in the stock markets of Japan and South Korea, along with the latest market news.

Crude oil futures prices plunge

On March 11, affected by a certain news report, international crude oil futures prices plunged in a straight-line drop. WTI crude oil futures turned from gains to losses during the day, with the latest price at $82.55 per barrel, after rising by more than 6% at one point.

Brent crude oil futures’ decline also widened to 1%, trading at $86.86 per barrel.

On the news front, the International Energy Agency (IEA) has proposed releasing more than 182 million barrels of oil reserves, the largest strategic oil reserve release in history. The proposal was discussed on Tuesday at the emergency meeting of energy officials from 32 IEA member countries. The various countries are expected to make a decision on the proposal on Wednesday. If there is no opposition, the proposal will be adopted; even if only one country raises an objection, the plan will be delayed.

Japan and South Korea’s stock markets rise

On March 11, the stock markets of Japan and South Korea rose. South Korea’s composite stock price index once rose by more than 3%, with the latest at 5,687.46 points.

For individual stocks, Samsung Electronics, SK Hynix, Hyundai Motor, and others rose by more than 2%.

On the news front, on March 10, South Korea’s Finance Minister Koo Jun-yup stated that the government will use all available policy tools, including supplementary budgets, to reduce as much as possible the impact of the Middle East war on South Korea’s economy. While closely monitoring international oil prices, the government will consider lowering fuel taxes. If there are any signs of instability in the economy, the government will respond quickly and decisively.

Koo Jun-yup emphasized that if necessary, South Korea will further expand the existing market stabilization plan of more than 100 trillion won. The South Korean government will also coordinate with the central bank to promptly step up market stabilization measures, including emergency share buybacks and direct purchases of government bonds.

Japan’s stock market opened higher and continued to rise, with the Nikkei 225 index up 2%, latest at 55,390.81 points.

In terms of heavyweight stocks, Toyota Motor, Mitsubishi UFJ Financial, Sony, and others rose by more than 1%, while SoftBank Group sharply surged, jumping 6%.

On the news front, under the growth investment strategy proposed by Sanae Takaichi, Japan set a new target on Tuesday: by 2040, to increase the sales of domestically produced semiconductors fivefold, aiming to catch up with global competitors and seize opportunities from the AI boom. Chips are one of dozens of categories that the Japanese government lists as important products for its economic security strategy, and they will become a key area for expanding public investment to stimulate growth. A detailed roadmap will be finalized in the coming months and incorporated into next year’s budget planning.

In addition, Japan’s Minister of Economy, Trade and Industry Akira Sazawa stated that Japan supports the coordinated release of strategic oil reserves led by the International Energy Agency (IEA). Details regarding the release are still under discussion.