According to CoinMeta, the Japanese government's energy white paper for the fiscal year 2025 (April 2025 to March 2026), released on the 23rd, pointed out that with the deterioration of the situation in the Middle East, the vulnerability of Japan's energy supply and demand structure has become apparent once again. The white paper states that for a long time, Japan has relied on imports of crude oil from the Middle East for over 90%. After the United States and Israel launched military strikes against Iran at the end of February this year, the navigation through the Strait of Hormuz, an important global energy transportation route, was disrupted, leading to uncertainties in the supply of crude oil and petroleum products, and the circulation of some petroleum-related products such as naphtha was consequently hindered.