Japan's August oil import bill rose 58.7% YoY while import volumes increased
only 3.6% YoY, lifting overall imports 28% YoY and widening the trade deficit
for a fourth consecutive month. Daiwa Research analyst Koki Akimoto said
crude-price pass-through to cargoes arriving in Japan typically has about a
two-month lag, so oil import costs may rise further from September, further
weakening Japan's terms of trade.
