Japan's April crude import price hits record high in yen terms amid Middle East war, weak yen

- Japan's crude oil import price hit a record high in yen terms in April, according to Ministry of Finance data, driven by soaring crude prices amid the Middle East conflict and the weak yen.

  • The customs-cleared import price for crude oil stood at 101,389 yen ($637.8) per kilolitre, the highest since comparable records began in 1979. The previous record was 99,600 yen in July 2022, following Russia's invasion of Ukraine, according to a ministry official.

  • In dollar terms, the customs-cleared import price was $101.2 per barrel, the 57th highest on record.

  • Japan's crude import price, known as the Japan Crude Cocktail (JCC), is based on customs-cleared CIF (cost, insurance and freight) prices and reflects global crude price movements with a lag of about one month due to shipping times.

  • Higher JCC price raise the cost of importing crude oil and liquefied natural gas which is a main fuel used for thermal power generation, and lead directly to soaring electricity prices.

  • Crude oil import volumes plunged 64% from a year earlier, marking the steepest drop since 1980, another finance ministry official said.

  • By region, crude imports from the Middle East fell by 67.2% year-on-year to 3.84 million kilolitres. In contrast, crude oil imports from the United States rose by 38.8%.

  • In value terms, crude imports declined 49.9%, the largest drop since November 2020 during the COVID-19 pandemic.

  • Before the U.S.-Israeli war on Iran blocked most oil transport through the Strait, Japan relied on the Middle East for about 95% of its crude imports.


  • ($1 = 158.9600 yen)