International crude oil prices continue to rise! The average gasoline price in Japan rose for five consecutive weeks, hitting a three-year high

Rising international crude oil prices also led to gasoline prices in Japan hitting their highest value
in October 2018.
What impact has rising oil prices had on the Japanese economy and people's lives?

Wang Xiang, special correspondent of the Financial Channel: Japan's oil supply is almost entirely dependent on imports, so the rise in international oil prices has also driven the price of Japanese petroleum products to rise
.
On my left is a gas station, and I can see the regular gasoline shown at the top of the price board, which is now priced at 160 yen per liter, about 9.
2 yuan
.
The latest data released last week showed that the average price of ordinary gasoline in Japan has risen for five consecutive weeks to 160 yen, a three-year high, and nearly 30
% higher than the lowest value after the outbreak.

Oil accounts for more than 10% of Japan's imports, and changes in oil prices will have a significant impact
on Japan's trade balance.
Statistics released by Japan's Ministry of Finance last week showed that in early and mid-September, Japan's trade deficit reached 165.
8 billion yen, or about 9.
6 billion yuan, in addition to the decline in automobile exports, the increase in oil imports caused by rising oil prices was also an important factor
in the deficit.

On the other hand, the continued rise in oil prices has also added to the unease
of investors in the Japanese capital market.
In particular, the fall of the yen to its lowest point in about two and a half years will further increase the burden of Japanese oil imports, so investors are worried about the squeeze on Japanese corporate profits, which is also an important factor
in the recent decline in Japanese stock markets.

And if oil prices rise beyond the reach of businesses, they are likely to be passed on to consumers
eventually.
In addition to consumer-sensitive gasoline prices, rising fuel bills for fishing boats and agricultural greenhouses will trigger higher food prices
.
In addition to being used as fuel, the production of plastics, household lotions, and even cosmetics is also related
to petroleum.
As oil prices continue to rise and spread to more sectors, household spending in Japan will also come under more pressure
.