AI Data Insight
Japan's total import year-over-year (YoY) growth rate reached 18.9% in the third quarter (September) of 2026. Although it significantly narrowed from the previous value of 28.0%, it still maintained a high double-digit growth and slightly missed market consensus. Constrained by the impact of rising oil prices driven by the Middle East situation and a weak yen, the import value of energy such as crude oil remains stubbornly high, causing Japan to face trade deficit pressure for five consecutive months. Going forward, before the effects of interest rate hikes become apparent, the room for reducing corporate import costs remains challenging.