About 69% of Japanese firms expect the crisis in Ukraine to hit earnings. They have cited a surge in oil prices as their primary concern, according to a survey of 240 companies. Global concerns about Russian oil supplies have pushed oil prices above USD100 per barrel to levels not seen in almost a decade and prices of many other commodities from metals to grain have also surged. Asked what areas they want the government to focus on the most, 63% of firms chose efforts to counter energy and broader price hikes, 50% picked economic growth strategy, and 43% selected Covid-19 measures. The government is considering compiling a fresh economic stimulus package to help ease the pain from high energy costs and would raise its petrol subsidy for oil distributors.
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