Japan's wholesale prices jumped 7.3% in the year to March 2022 from a year earlier — the fastest pace on record — driven by surging crude oil and commodity prices amid an economic recovery from the COVID-19 pandemic and Russia's invasion of Ukraine, Bank of Japan data showed Tuesday.
Amplified by a weak yen, the record rise since comparable data became available in 1981 came after a 1.4% fall in fiscal 2020. It highlighted the strong impact of fluctuations in commodity prices on Japan, a major energy importer.
The depreciation of the yen boosted import prices for Japan by 32.7% from a year earlier. The figure compared with a 12.3% rise in export prices. Both numbers are in yen terms.