1975 |
International average prices for oil production raw materials such as soybeans plummet |
1976 |
Mass import of palm oil |
1977 |
Chicago soybean price plummets from $10 to $5 |
1978 |
Record high for yen exchange rate |
1979 |
Consumption of cooking oils surges past 1.2 million tons |
1980 |
United States soybean production declines due to heatwave |
1981 |
Significant reduction in demand for mixed feed (defatted soybeans) |
1982 |
Record-breaking soybean harvest in the United States |
1983 |
Major decline in United States soybean production |
1984 |
Commercial cooking oil prices reach around 5,000 yen |
1985 |
Negotiation with the United States related to soybean FM problems |
1986 |
Long-term drop in cooking oil prices |
1987 |
Prices for 18-liter cooking oil drum drop to lowest price ever (1,650 yen) |
1988 |
Large-scale drought in the United States causes soybean production to drop 20% |
1989 |
Processing volume for rapeseed reaches highest levels ever (1.7 million tons) |
1990 |
Long-term stability in cooking oil prices |
1991 |
Soybean meal import volume closes in on 800,000 tons |
1992 |
Soybean meal import volume closes in on 900,000 tons |
1993 |
Major reduction in Uruguay Round fat and oil tariffs announced |
1994 |
International demand for oils increases due to demand in China and India, oil value closes in on 50% |
1995 |
Great Hanshin Earthquake causes major losses for oil manufacturing factories |
1996 |
Japanese government confirms the safety of genetically modified crops, oils made from these raw materials imported for the first time |
1997 |
Raw material costs increase while intense competition reduces domestic value of oil products in Japan, leading to severe worsening of financial conditions for industry companies |
1998 |
Costs continue to rise amid the worst mid-term performance since the oil crisis |
1999 |
Numerous companies report losses in March accounting statements, signs of recovery in business performance appear by mid-term statements in September |
2000 |
Following repeated bumper crop yields, international demand for oilseeds wanes. Value for both raw materials and products have dropped to levels rarely seen, and exchange rates remained fairly stable for the full year. |
2001 |
Numerous major oil manufacturers announce business integration plans |
2002 |
Two major corporate groups come into existence, Honen Ajinomoto Oil Mills and Nisshin OilliO Group |
2003 |
International soybean market prices soar, rapeseed maintains a high value, and prices for other oils such as sesame and cottonseed go up, worsening oil manufacturing trade terms dramatically |
2004 |
Restructuring of The Nisshin OilliO Group, Ltd. and J-Oil Mills, Inc. |
2005 |
Pressed soybean oil production drops further, reaching 3 million tons.
Domestic Japanese oil production drops nearly 5% |
2006 |
International demand for biofuel surges, accelerating the increase of global vegetable oil prices |
2007 |
Prices of raw materials for oil manufacturing surge, creating uncertainty for the future. Soybeans and rapeseed exceed $11/bushel and $450/ton, respectively |
2008 |
Dizzying changes in the market as international prices for oil and oilseeds surge and freight and other expenses reach record highs before plummeting back down |
2009 |
Pressed soybean oil production falls to 2.5 million tons, pressed rapeseed oil production drops below the previous year |
2010 |
International prices of oilseeds and products rise, poor domestic market conditions in Japan hit oil production industry hard |
2011 |
The Great East Japan Earthquake and tsunami disaster causes damages to oil production company facilities and equipment |
2012 |
Chicago soybean prices hit record highs, maintaining elevated value |