Japan's import bill reached a record high in June as soaring oil prices forced the country to spend far more on energy while diversifying away from Middle Eastern suppliers.

India's crude import bill jumped 61% to $49.8 billion in Q1 FY23, driven by sustained oil prices above $100 per barrel despite a 4% decline in import volumes.

Japan has recorded a trade deficit in June, according to government data, as the higher price of oil imports has helped cause the second straight month of red ink.