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The Japanese yen has fallen 2.4% against the US dollar and 1.4% against the Swiss franc since Israel launched missile attacks on Iranian nuclear and military targets on June 13. Crude oil has spiked since the conflict began, and Japan imports nearly all its oil.
The rise in crude threatens Japan's trade balance and weakens the yen's usual safe-haven appeal.
Higher crude raises Japan's import bill and weakens the yen, which lifts USD/JPY and adds cost pressure for Japanese feed and energy buyers. The effect on Japanese exporters' earnings may be short-lived because energy costs rise.
reuters.comKevin BucklandJun 23, 2025Not enough comparable past events yet for a historical read.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
