Mizuho Securities: Delays in Middle Eastern infrastructure maintenance may increase Japan's energy import bill, but progress is being made in U.S. supply

(1) Mizuho Securities economist Yasuhisa Irie stated that as infrastructure maintenance delays in the Middle East keep energy prices elevated, Japan’s import bill could see a temporary surge in the second half of 2026. (2) However, government trade data released on Wednesday offered Japanese households some relief by showing progress in securing crude oil supplies outside of the Strait of Hormuz. (3) The data indicated that while Japan’s overall oil imports fell by 28.5%, crude oil shipments from the United States surged by 663.4%, highlighting the initial success of Japan’s efforts to diversify its energy import sources.