Weak yen pushes up Japan gasoline prices, hurting consumers

U.S. interest rate cuts next year could turn the tide, expert says

20230901 Japan Gas price

A gas station in Tokyo shows the prices of regular gasoline at 193 yen per liter and high-octane gas at 205 yen on Wednesday. (Photo by Nanami Sato)

NATSUMI KAWASAKI, Nikkei staff writer

TOKYO -- The weak yen has helped push up gasoline prices in Japan to a 15-year high, forcing the government this week to announce an extension of subsidies to ease the burden on motorists.

The price of regular gasoline on Monday was 185.6 yen ($1.28) per liter, up 1.9 yen from the previous week, according to the Agency for Natural Resources and Energy. Fifteen weeks of consecutive increases have pushed the cost past a level last seen in August 2008.

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