Japan is enmeshed in its worse energy crisis since the Fukushima disaster of 2011.

  • very tight supply of both electricity (domestic wholesale electricity prices jumped to a record high) and natural gas

Impacting on energy demand:

  • low nuclear availability
  • low gas stockpiles (impacting gas-fired plants - these could be running harder but do not have the available supplies)
  • cold weather boosting demand
  • lack of east-west grid inter-connectivity

This is not the sort of inflation the Bank of Japan wants. There may be a price to pay in terms of industrial output unless gas supplies can respond (likely the quickest way out of the current situation but not easy to do).

Energy folks - weigh in in the comments