Research Institute: The impact of the Middle East conflict on Japan is expected to become apparent in late March
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Golden Ten Data reported on March 18 that Takeshi Minami, an economist at Norinchukin Research Institute, stated that the impact of the Middle East conflict and the resulting surge in oil prices on the Japanese economy is expected to begin to emerge in late March. As the Strait of Hormuz has effectively been closed, the sharp decline in oil imports is expected to drag down trade and industrial production. Despite the Japanese government's efforts to alleviate the burden, rising energy prices may still suppress private consumption.
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