Oil price spikes japans economy

Although it would be assumed Japan's economy would suffer whenever oil prices spike, the opposite seems to be occuring. According to Asia Times Online, Japan, despite being resource poor and having to import a majority of it's oil, profits from price of oil increases.

Part of that benefit comes from it's automotive exports from companies like Toyota, which saw it's sales of cars increase once again in the US. As US fuel efficiency awareness increase, Toyota's sales increase. Especially in their sales of hybrid vehicles such as the Toyota Prius. "Of the approximately 5.47 million autos Japanese makers sold in the US in 2005, roughly a third were shipped from Japan."

Tags: hybrid, economy, cars, auto, industry, Japan