Japanese refiners saw their refining margins widen in fiscal 2014-15 (April-March) following government-led capacity cuts at the end of March 2014, but refiners collectively reported billions of dollars in inventory losses as crude oil prices plunged by around 40% in the second half of the fiscal year.
http://www.platts.com/latest-news/oil/tokyo/japans-2014-15-gasoline-gasoil-refining-margins-27482905
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