Japan has eight months of oil reserves and has price controls on gas so they're completely unaffected from an average citizen's point-of-view:
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I presume the same is true for other (non-China) Asian countries because they're not run by retarded Gaia-worshipping theater kids like Europe is.
Nah. Japan will not suffer as much since it has the fiscal reserves to just pay their problem away. Lol, lmao style. The poor Asian countries will suffer far more. But Japan literally shows no long term plan.
They just removed a tax on gasoline and put in a price cap above 170 Yen or so at the gas station. So if the price rises above that, the government is paying for your consumption. So instead of trying to reduce consumption they just throwing money at the issue.
This would not be so much of an issue if Japan would be fiscally sound, but they had issues to sell their governmental bonds just a few months ago. Their low interest rates makes their treasuries not attractive compared to higher yielding US treasuries, if you take both countries inflation into account. Thus the value of the Yen has been plummeting. And this is very bad news if you have to import most of your energy. And raising interest rates is difficult with a debt to GDP ratio of what? 200 %?
80 % of the gas and oil from the Strait is destine for Asia. China and India can pivot to Coal. That's also an option for Japan but only to a smaller extend since they import nearly all of their coal too and if China and India pivot towards it - it will also drive up the price of coal.
A few graphics from:
https://think.ing.com/articles/oil-shock-for-asia-identifying-the-first-pressure-points/
India and China can go for coal.
The effect of price controls. The real cost appears on the Japanese governments budget though,
Deficit spending high across the board with a few exceptions. Energy price hikes will just make this worse.
Good for Japan though. They have lots of foreign reserves. So they can make pay the problem away if they choose to sell some of their assets. Mostly US treasuries. But that will drive up the US interest rate.
Asia does not have the oil and gas reserves to get it domestic.
They just did not invest enough in non-fossil fuel sources. Neither renewables nor nuclear. Nuclear too is an issue in Japan since a major nuclear plant running company had to admit to falsify seismic data for their plants. In Japan of all places. What could go wrong.
Should have build more wind turbines and put up solar panels I guess.