Japan’s Oil Import Bill Soars 59% as Trade Deficit Deepens ...Middle East

Japan’s oil import bill surged by 58.7% on the year last month, with volumes rising by a much more modest 3.6%. This pushed the country’s total import bill 28% higher and extended its trade deficit for the fourth month in a row. “Oil import costs could increase further from September onward, leading to a further deterioration in Japan's terms of trade, given the roughly two-month lag before higher crude prices are reflected in imports arriving at Japanese ports,” Daiwa Institute of Research analyst Koki Akimoto said, as…

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