Japan Imports YoY

Japan’s imports increased 1.3% year-on-year to JPY 9,392.4 billion in November 2025, signaling the third straight monthly growth but below market estimates of 2.5%. The latest print followed a 0.7% rise in October, reflecting subdued domestic demand and lingering cost pressures, despite Tokyo’s JPY 21.3 trillion stimulus package, the largest since the pandemic and the first under the Takaichi administration, which includes winter energy subsidies starting January 2026. Also, Japanese firms continue to face 15% tariffs despite a September U.S.–Japan trade deal. Mineral fuel purchases fell 13.4%, led by drops in petroleum (-2.4%) and LNG (-17.7%), while imports of electrical machinery (4.0%), machinery (12.3%), and other goods (14.2%) grew. Purchases rose from China (2.3%), the U.S. (7.1%), Taiwan (22.7%), Vietnam (14.5%), ASEAN countries (3.4%), and the EU (6.8%), but fell from Hong Kong (-17.1%), South Korea (-9.7%), Australia (-16.0%), Russia (-15.8%), and the Middle East (-10.4%).