Japan's oil import expenditure surged 58.7% year on year last month, but imports only increased slightly by 3.6% compared to the same period last year. This boosted Japan's overall imports by 28% year over year and widened the country's trade deficit for the fourth month in a row. Koki Akimoto, an analyst at Daiwa Research Institute, said that considering that there is usually a time lag of about two months for imported goods arriving at Japanese ports due to the rise in crude oil prices, starting in September, Japan's oil import costs may rise further, leading to a further deterioration in Japan's terms of trade.

Japan's oil import expenditure surged 58.7% year on year last month, but imports only increased slightly by 3.6% compared to the same period last year. This boosted Japan's overall imports by 28% year over year and widened the country's trade deficit for the fourth month in a row. Koki Akimoto, an analyst at Daiwa Research Institute, said that considering that there is usually a time lag of about two months for imported goods arriving at Japanese ports due to the rise in crude oil prices, starting in September, Japan's oil import costs may rise further, leading to a further deterioration in Japan's terms of trade.