Japan Looks To Use Crude Prices To Their Advantage

Falling

prices have wreaked havoc on producing nations like Russia and Nigeria, but importing nation

has seen crude’s recent slide as an opportunity to boost sales and get its economy back on track. Three such sectors are explored below.

Japanese auto maker

had a record breaking year in 2014 and is expecting the bright spot to continue through 2015.

While lower oil prices have helped automakers across the board, other Japanese firms that depend on oil to manufacture their products are also seeing a lift.

Manufacturers like

also stand to benefit as the weak oil prices have balanced out the effect a weaker yen has had on the cost of imports. With the

down around 118, the cost to import raw materials for manufacturing has skyrocketed, but deteriorating oil prices help offset some of those costs.

Retailers like Kao Corporation are also looking to gain as companies’ savings are passed on to employees. Prime Minister

has been calling for Japanese firms to raise wages, something he says is essential to spur on consumer spending.

In addition to savings from reduced crude import prices, Japanese firms are set to receive a corporate tax reduction in the coming months, something Abe has urged companies to pass on to their employees. On Tuesday, Abe told the nation’s businesses that if they used the cuts for the benefit of their work force, more tax breaks could be on their way.