Japan just posted its highest monthly import bill in history. June 2026 imports clocked in at 11.3 trillion yen, roughly $69.25 billion, a 25.4% jump from the same month last year. The culprit is familiar: oil prices, a weak yen, and a Middle East that refuses to calm down.
Here’s the thing. The country imports over 99% of its crude oil, and more than 90% of that comes from the Middle East. When US-Iran tensions flare and supply gets disrupted, Japan doesn’t just feel the pinch. It feels the entire fist.
The numbers paint a grim picture
The Ministry of Finance released the data on July 22, and the details are worse than the headline suggests. Crude oil import values surged 59.3% year-over-year. But volumes actually fell 13.7%.
May 2026 crude import prices hit 114,076 yen per kiloliter, the highest since records began in 1979. In English: Japan hasn’t paid this much for oil in nearly half a century.
