Japan concerned about embargo on Iranian petroleum exports

Japan is concerned about the European Union banning imports of oil from Iran, Japanese Minister for Economy, Trade and Industry Yukio Edano said. The minister believes that higher oil prices would harm the Japanese economy, ITAR-TASS reports.

EU states reached an agreement on an oil embargo against Iran last Wednesday. The final decision will be made by foreign ministers in late January.

Japan purchases about 10% of Iran's oil exports. Tokyo had a major increase in demand for petroleum after the accident at the Fukushima-1 nuclear power plant and the closing of most Japanese nuclear reactors.