Nikkei -1.01% to 64005.75, USD/JPY -0.11% to 157.48; Brent +1.45% to $112.40/bbl → JPY-denominated crude import cost up 3.2%. JODI: Japan crude imports 2492 kb/d, refined products stock 104521 kb — high inventory fails to offset dual shock of yen strength & oil rally.

Japan’s crude imports stand at 2,492 kb/d, refinery input at 2,349 kb/d — a 143 kb/d gap, the widest in recent months; end-month inventory at 272,336 kb, highest among JODI-reporting peers. Asphalt +1.80%, fuel oil +0.27% signal winter stockpiling underway, but processing lags.

Japan imported 2.492 MBD crude in Aug 2026 (JODI), with refinery input at 2.349 MBD and end-month inventory at 272,336 MB. Middle East share >90% (industry consensus), reinforced by persistent AIS visibility loss at Hormuz Strait (historical norm ~49 vessels/day). Fuel oil +3.34%, asphalt +3.34% signal downstream restocking.