The move comes as roughly 20% of global LNG supply remains offline after the conflict forced the shutdown of facilities operated by QatarEnergy, significantly disrupting energy exports from the Middle East.

JERA handles about 35 million metric tons of LNG annually, with around 27 million tons consumed domestically in Japan, according to Global Chief Executive Yukio Kani.

About 5% of the company’s shipments pass through the strategically vital Strait of Hormuz, a major energy transit corridor.Kani told reporters on the sidelines of the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo that the company is holding talks with suppliers with whom it already maintains long-term contracts to explore additional procurement options.

While there is currently no immediate shortage of LNG, Kani said the company is planning for possible prolonged disruption.“It is still possible that things could settle down within a few weeks. However, it would be far too optimistic to base our planning on that assumption,” he said.

Regional LNG prices have fluctuated sharply since the disruption. The average LNG price for April delivery into Northeast Asia was estimated at $19.50 per million British thermal units, down from $22.50 per mmBtu a week earlier, which had marked the highest level since mid-January 2023.

Energy security concerns have also resurfaced among global buyers as geopolitical tensions escalate in the Middle East.Steven Read, president of Global Coal Sales Group, which markets coal produced by U.S. mining company Signal Peak Energy, said the market had already begun to react to the heightened uncertainty.

“We’ve already seen customers coming in wanting to talk about options,” Read told Reuters on the sidelines of the conference, noting renewed interest from buyers considering additional cargoes.

If the disruption deepens and shipping through the Strait of Hormuz remains constrained, Japan may need to consider broader measures to maintain energy supply, Kani said.

These could include working with the Japanese government to encourage energy conservation and restarting dormant power stations, including coal-fired plants.At the same forum, U.S. LNG exporter Venture Global LNG said the current volatility in energy markets was likely temporary.

Chief Executive Mike Sabel said the company viewed the current price fluctuations as short-term turbulence despite the geopolitical tensions affecting supply.

“We’re tremendously optimistic about the middle- and long-term strength of the market, equity in the market, supply coming online. We expect long-term, very stable liquefaction prices,” Sabel said.

The search for stability has intensified as financial markets respond sharply to the conflict, with currencies and commodities moving unpredictably. The dollar has rebounded after a period of weakness over the past year, while traditional refuge currencies such as the Swiss franc and Japanese yen have weakened. Gold, meanwhile, has retained its appeal despite bouts of volatility.dollar regains defensive roleThe U.S. dollar has strengthened as investors reassess its role as a defensive asset during geopolitical shocks. Analysts say the currency’s response partly reflects the United States’ position as a net energy exporter, which can benefit when oil prices surge during conflicts.Benchmark Brent Crude climbed above $80 a barrel as tensions in the Middle East raised concerns about supply disruptions, a move that analysts say can support the U.S. economy relative to energy-importing nations.“The dollar has some safe-haven characteristics, but it is context specific,” said James Lord, head of FX strategy at Morgan Stanley.However, Lord added that the currency’s traditional haven role is not guaranteed. Policy uncertainty in the United States has weakened some of the structural factors that previously made the dollar a default refuge in times of global stress.gold’s long-term appeal persistsDespite recent price swings, gold continues to hold strong credibility as a safe-haven asset among investors.

Analysts note that the metal has surged about 240% since the start of the decade, reflecting persistent demand amid concerns over inflation, geopolitical tensions and rising global debt.Gold prices dropped sharply earlier in the week, a move market participants attributed partly to investors selling profitable positions to offset losses in other assets as market sentiment deteriorated.Still, analysts say that short-term volatility does not undermine gold’s broader appeal during periods of uncertainty. The metal’s reputation as a store of value often draws inflows during crises involving inflation risks, geopolitical tensions or financial instability.shifting behaviour of haven assetsThe current market environment highlights how traditional defensive assets can behave differently depending on the underlying cause of market turmoil.While the dollar has regained some safe-haven demand during the latest bout of geopolitical tension, currencies such as the Swiss franc and the Japanese yen often considered classic refuges have weakened.Analysts say the divergence reflects the complexity of modern global markets, where energy dynamics, policy expectations and investor positioning can alter how traditional havens perform.The renewed volatility across currencies, commodities and bonds underscores the challenge investors face in identifying reliable protection during geopolitical shocks. With markets adjusting rapidly to developments in the Middle East, investors continue to reassess which assets offer the most consistent shelter during periods of heightened uncertainty.