Institution: Japan needs to assess the economic impact of the Middle East conflict more cautiously

Golden Ten Data reported on March 13 that Chang Wei Liang, a foreign exchange and credit strategist at DBS Group Research, stated in a commentary that various parties in Japan, including the Bank of Japan, may need to be more cautious regarding the impact of the Middle East conflict on the economy. He pointed out that Japan is heavily dependent on importing crude oil from the Middle East, with about 70% of imports transported via the Strait of Hormuz. He added, "The good news is that Japan has sufficient strategic oil reserves to meet 250 days of demand and has announced plans to release 15 days of private sector oil reserves and one month of national oil reserves."