Business
2026.03.20 14:44 GMT+8

Middle East crisis deals heavy blow to Japan's economy: Inflation intensifies and livelihoods strained

Updated 2026.03.20 14:44 GMT+8
CGTN

Due to Japan's reliance on the Middle East for crude oil imports, the blockade of the Strait of Hormuz has led to elevated energy prices and increased inflation in the country. This is impacting livelihoods and proving a strain on the Japanese people, said Cai Guiquan, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation under China's Ministry of Commerce.

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