Friday, January 30, 2015
The effect of low oil prices on Japan.
Japan is the world's third-largest user of oil and it imports virtually all the oil it uses. It is therefore among the economies with most to gain from the recent decline in the price of crude oil by around 60 dollars per barrel from the past four years' average of some 110 dollars. The effects on Japan's economy, society and politics are already beginning to be felt.