Japan’s imports declined 2.5% yoy to JPY 10,340.2 billion in January 2026, missing expectations of a 3% rise and reversing December’s 5.2% increase. The latest result marked the first contraction in purchases since last August, suggesting softer domestic demand and lower energy costs after winter stockpiling boosted imports late last year. Moreover, the pullback came despite Tokyo’s sizeable stimulus package announced in November, the first under the Takaichi administration. Imports fell for mineral fuels (-14.1%), machinery (-9.2%), chemicals (-6.7%), and transport equipment (-7.5%); but grew for electrical machinery (7.3%), others (2.3%), and manufactured goods (4.8%). Purchases shrank from South Korea (-4.2%), the ASEAN countries (-4.7%), India (-22.1%), Vietnam (-0.5%), Australia (-13.3%), the EU (-0.7%), and the Middle East (-14.5%). In contrast, arrivals grew from the U.S. (3.0%), Hong Kong (6.4%), Taiwan (19.1%), and Russia (6.0%).