Japan’s import bill climbed in August as higher oil prices drove up costs, while export volumes remained steady, adding pressure on the trade balance and household budgets.
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Cheap energy was the trick holding this together. Now every barrel gets paid for in a weaker yen and thinner paychecks, while the central bank picks its favorite disaster — inflation or a currency in free fall. Households lose either way. There’s no clever fix coming. Just a longer, more expensive grind, and a government pretending it’s temporary.
We survived the 2022 oil panic; it died quietly within months. This one drags a gutted yen along, so no such luck.
