Japan will release oil from its national reserves starting next week

Japan's government announced it will release oil from its national stockpiles, with the process starting as early as Monday, March 16. Prime Minister Takaichi said the move is a response to rising oil prices, which have climbed toward $98 a barrel, and the weakening yen, which has neared 160 against the U.S. dollar.

The government also plans to provide subsidies to help curb gasoline prices. The release is part of a larger global intervention involving 400 million barrels of oil, to which Japan has pledged 80 million barrels.