Japan’s imports rose 12.5% yoy to JPY 9,890.2 billion in May 2026, accelerating from April’s 9.8% gain but falling short of market expectations of 12.8%. It was the fourth straight month of growth and the strongest pace since January 2025, boosted by strong domestic demand following the government’s late-2025 stimulus measures. Imports grew from China (13.7%), the U.S. (26.0%), Taiwan (43.2%), South Korea (26.0%), ASEAN (28.3%), and the EU (4.7%), while purchases fell from Hong Kong (-3.0%) and the Middle East (-42.7%). Imports rose for electrical machinery (31.5%), led by chips, machinery (20.4%), manufactured goods (13.6%), chemicals (14.9%), transport equipment (9.9%), and other goods (6.5%). In contrast, crude oil imports plunged 28.5% as the closure of the Strait of Hormuz amid Middle East conflict disrupted shipments. Looking ahead, a weaker yen could fuel imported inflation, eroding household purchasing power and raising costs for businesses reliant on imported inputs.

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