In an annual white paper released today, the Japanese government warned that ‘close attention’ was needed on the extent to which the Middle East conflict could hurt the country’s economy, Reuters reports.
– The report found that Japanese companies are passing on rising costs from the conflict at a faster pace than back in 2022, when the war in Ukraine pushed up fuel costs.
– Japan has been hit by ongoing disruption in the Strait of Hormuz. The country relies heavily on fuel imports from the Middle East and has been forced to dip into its reserves to avert an energy crisis.
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