BMW Japan to recall nearly 170,000 vehicles due to engine defect

Electricity and gas bills for usage in May will rise slightly in Japan, with the impact of tensions involving Iran expected to appear in utility charges from June onward. Larger increases could follow in subsequent months.

The Bank of Japan decided to leave interest rates unchanged, opting against an additional rate hike for now, after its monetary policy meeting concluded earlier with a majority vote to maintain the policy rate at 0.75%, marking the third consecutive meeting at which rates were left unchanged.

Shizuoka City said it will shorten operating hours at three municipally run hot spring facilities from May 7 for the time being, after instability in heavy oil supplies linked to the situation in Iran.

Prolonged tensions in the Middle East are beginning to affect everyday vegetables in Japan, with tomato farmers facing higher costs and shortages of packaging materials.

The impact of the effective closure of the Strait of Hormuz is spreading to Japan's export industries, dealing a fresh blow to automakers and other companies reliant on Middle East trade routes.

The Nikkei Stock Average rose by more than 1,100 points at one stage in trading on the Tokyo Stock Exchange on Monday. Following gains in semiconductor-related shares on the New York market on June 24, buy orders flowed into AI and chip-related stocks in Tokyo, lifting the Nikkei back above the 60,000 level.

Japan has reduced refinery operating rates as it scrambles to secure alternative crude supplies following disruptions to shipments through the Strait of Hormuz, underscoring the growing strain on one of Asia’s most import-dependent energy markets.

American crude oil secured as an alternative supply source has arrived in Japan for the first time, as the de facto closure of the Strait of Hormuz makes procurement from the Middle East increasingly difficult.