Japan does not plan to join the international embargo on Iranian petroleum exports because it has concerns about rising fuel prices, Market Watch reports.
Tokyo fears that high oil prices and its potential deficit will have major repercussions for restoration of some areas struck by the earthquake and tsunami last year, spokesman of the Japanese Foreign Ministry said.
US Secretary of the Treasury Timothy Geithner visited Tokyo this week and tried to convince it to join the embargo, experts say.
The US is trying to convince the international society to join economic sanctions against Iran. Tehran threatened to block the Hormuz Strait, a naval route for transporting 40% of world oil supplies, if the West should impose the embargo.
