The Effect of Oil Price Fluctuations on the Japanese Economy

Author: Willem Thorbecke, Senior Fellow, RIETI

According to the International Energy Agency, 51 percent of Japan’s final energy consumption in 2016 came from oil and oil products. All but 0.2 percent of Japan’s oil came from imports rather than domestic production. Japan’s leading import category between 2009 and 2016 was crude oil. The value of oil imports over this period equaled 815 billion U.S. dollars. Oil thus plays a vital role in the Japanese economy.

Read the entire article on the RIETI website

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