TOKYO DAILY - 26 MARCH 2026
PM TAKAICHI Escalates IEA Coordination on Oil Reserves; Sony-Honda Cancels Afeela EV; USTR Launches Critical Minerals Action Plan
Sony-Honda Joint Venture Scraps Afeela Luxury EV Production Plans
Sony-Honda joint venture canceled Afeela electric vehicle production on March 25 following Honda strategy overhaul. The 102,900 dollar luxury EV cancellation reflects shifting Japanese automotive industry priorities amid global market pressures.
DRIVING THE DAY
SUMMARY: Prime Minister Sanae TAKAICHI directly engaged International Energy Agency leadership on 25 March requesting authorization of further coordinated oil stockpile releases from member states beyond Japan's 80 million barrel drawdown, Reuters reported, signaling Tokyo's assessment that current measures remain insufficient to stabilize energy markets amid Iran war disruptions. Japan shifted to oil market intervention as an unorthodox currency support mechanism on 26 March, Reuters reported, following Finance Minister Satsuki KATAYAMA's 24 March statement that the government stands ready to act on all fronts — linking physical reserve releases, potential oil futures intervention, and IEA coordination to address both energy supply disruption and yen depreciation pressure simultaneously. Sony and Honda scrapped the Afeela electric vehicle project on 25 March, Wall Street Journal and Reuters reported, canceling the 102,900 dollar luxury EV that represented the joint venture's flagship product following Honda's strategic overhaul. United States Trade Representative Ambassador Jamieson GREER announced 24 March a U.S.-Japan Action Plan on Critical Minerals, USTR stated, advancing bilateral economic security coordination on supply chains for materials essential to semiconductors and defense systems. END SUMMARY.
