The global plunge in oil prices could translate into annual economic gains of ¥7 trillion, Economic and Fiscal Policy Minister Akira Amari said Friday.
"Oil prices are now less than half what they were at their peak. That stops money outflows and will likely benefit (the economy) by some ¥7 trillion. It is good for the Japanese economy," Amari told a press conference. He was citing calculations by the Cabinet Office.
Japan depends on imports for more than 90 percent of its energy needs.
Amari said lower oil prices will likely benefit emerging economies as well but would deal a blow to oil-producing countries, and producers, adding that energy prices need to stabilize.