Japan just posted the highest gold export figures in its recorded history. During fiscal year 2025, the country shipped out 4.88 trillion yen, roughly $25.5 billion, in gold. That’s a 35.6% jump from the prior year and the largest tally since Japan’s Ministry of Finance began tracking the data in 1988.
Here’s the thing: Japan barely produces any gold domestically. So where is all this bullion coming from?
The smuggling loop
The answer, according to analysts and trade data reported by Nikkei Asia, points to an elaborate arbitrage scheme built on tax evasion. Gold is allegedly being smuggled into Japan to dodge the country’s 10% consumption tax, then re-exported at elevated international prices.
Japan’s gold imports during the same period totaled just 177.7 billion yen. That creates a massive net outflow that looks strange for a country with minimal mining output.
