Japan chemical, material makers’ profit outlook darkens on oil crisis
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Petroleum supply concerns ripple through range of industries
Cargo ships near the Strait of Hormuz on March 11. More than 70% of Japan’s imported naphtha comes from the Middle East. © Reuters
NOZOMI OKUBO, RIHO TAKAHASHI and AKIHIRO OTA
TOKYO — High oil prices due to the conflict in the Middle East have taken a toll on Japanese corporate profits, with roughly 40% of major chemical and materials companies being hit with earnings forecast downgrades for the year ended in March.
