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Japan·Trade & Economy·Energy

Japan's imports hit record high as oil price surge strains central bank policy

Wednesday, 22 July 2026, 07:30 · 1 min read

Japan's imports surged to a record 11.3 trillion yen ($69.25 billion) in June, a 25.4% jump from a year earlier driven by soaring crude oil costs and a weak yen, government data showed on Wednesday. Although import volumes of crude oil fell, their yen-denominated value rose nearly 60%, reflecting both currency depreciation and price spikes linked to the Iran-U.S. conflict, which disrupted trade and logistics for much of the reporting period. The figures complicate policy for the Bank of Japan (BOJ), which faces rising inflationary pressure just as it seeks to protect a fragile economic recovery, though strong AI-driven export demand — with exports rising 19.3% year-on-year — offers some offsetting support.

Sources
Channel NewsAsiaJapan imports jump to record high on oil price surge, complicating BOJ policy ↗︎
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