Surging Oil Prices Push Japan’s Import Bill to an Unprecedented High
Surging oil prices have led to a significant increase in Japan’s import bill, hitting an all-time high last month of $89.46 billion, Reuters has reported, citing government data. The June total was 25.4% higher than a year earlier, as international oil prices rose by over 50% in the 12 months since
Source: OilPrice.com
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DW NOTE
Japan imports 99% of its oil. When Brent hits $89 and the Strait of Hormuz is still clogged with 2,000 stranded ships, that doesn't create an import headache — it creates an import crisis. The yen has already weakened through most of 2026; now Tokyo is paying record prices in a depreciated currency for fuel that costs more to ship. This is what energy dependence looks like when the choke points close.