Surging Oil Prices Push Japan’s Import Bill to an Unprecedented High

Surging oil prices have led to a significant increase in Japan’s import bill, hitting an all-time high last month of $89.46 billion, Reuters has reported, citing government data. The June total was 25.4% higher than a year earlier, as international oil prices rose by over 50% in the 12 months since last July, according to Bloomberg data, as cited by Saxo Bank. In the year to date, Brent crude and WTI have surged by over 60%. “Japan's diversification of oil procurement sources is progressing, with purchases from the United States and…