Japan Imports YoY

Japan’s imports rose 5.3% year-on-year in December 2025, reaching an 11-month high of JPY 10,305.8 billion. The latest figure outpaced market expectations of 3.6% and sharply accelerated from November’s modest 1.3% gain. It also marked the fastest growth in purchases since January, underscoring robust year-end domestic demand fueled by Tokyo’s sweeping stimulus package, the largest since the pandemic and the first unveiled under the Takaichi administration. Imports grew for most components, including electrical machinery (22.7%), other goods (13.3%), machinery (9.2%), chemicals (16.6%), and manufactured goods. In contrast, mineral fuel purchases fell 12.5%, dragged by drops in petroleum (-8.6%) and LNG (-6.7%). Imports expanded from China (14.7%), the U.S. (9.2%), Hong Kong (7.5%), Taiwan (18.7%), Vietnam (19.6%), the ASEAN countries (5.8%), Russia (1.9%), the EU (21.6%), and South Africa (12.2%), but fell from South Korea (-6.7%), Australia (-16.0%) and the Middle East (-10.8%).