Japan’s Gasoline Prices Surge to Record High on Iran War Impact

Japan’s gasoline prices surged to a record high this week, as ripple effects from the US-Israeli conflict with Iran reach Japan.

Prices surged 18% from last week to reach a nationwide average of ¥190.8 per liter, the highest for comparable data back to 1990. The higher prices will put more pressure on households and businesses squeezed by four straight years of inflation above the Bank of Japan’s 2% target.