Australia remains Japan’s largest LNG supplier, but the relationship is now evolving under pressure. As Canberra faces acute shortages of refined fuels, the two countries have entered discussions on potential LNG-for-products swap arrangements, whereby Japan could supply gasoline and diesel in exchange for continued LNG flows. At the same time, Tokyo has cautioned Australia against imposing a windfall tax on LNG exports – an option the Albanese government has been considering amid soaring commodity prices. ...