- Jul 05, 2022, 9:30 AM CDT
Japan already had a significant energy import bill as it depends on foreign oil and gas for 90 percent of its needs. But as the yen fell to the lowest in 20 years, Japan's bill became even bigger, with the price rise in crude oil, which has been some 40 percent in dollar terms since the start of 2022, reaching a whopping 70 percent in yen terms.
Because of its extreme dependence on imported energy, Japan has had to continue importing Russian oil and gas despite its verbal commitment to sanctions against Moscow.
Source: Energy Industry News (energyindustrynews.net)
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