Affected by high fuel costs, spot electricity prices in Japan soared sharply over the weekend, and electricity prices in Tokyo and central regions, where electricity is mainly used, hit the highest level in many years. On Sunday, spot electricity prices in Tokyo and the Chubu region rose 1.1% and 7.2%, respectively, to 36.11 yen and 36.29 yen per kilowatt-hour, respectively, according to data from the Japan Electric Power Exchange, a new high since September 2022. Meanwhile, Japan's national average electricity price fell 8.7% on the same day to 30.09 yen per kilowatt-hour. According to traders, the price of spot liquefied natural gas continued to rise to about 34 US dollars per million British thermal units on Friday, more than three times the pre-war level. As a key waterway for global exports, the Strait of Hormuz still transports less than one-third of what it was before the conflict broke out.

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