The great toilet paper panic is back as Japan starts stockpiling

Panic buying is back in Japan. 

As the U.S.-Israeli-Iran conflict rattles oil markets, Japanese consumers are stockpiling toilet paper—a product with no connection to the disruptions whatsoever, but that has caused enough problems for the country that the Japanese government has urged citizens to stop buying ahead of time. Still, social media posts depicting empty toilet paper abound.

But why would people panic buy goods unrelated to or not affected by the conflict? Panic buying behaves much like a bank run. Nobody knows exactly where it starts—some single, bleating data point that says this store is going to run out of toilet paper, or this bank is going to run out of money. 

Back in the olden days that data point, a verifiable person, would run and holler at their neighbors; “Hey Johnny, take your money outta the bank! They’re about to run out!” and Johnny would go a-running. Now someone posts on social media that COVID-19, tariffs, or the war with Iran is going to nuke toilet paper stock, and strangers across the country start loading up their carts. 

Pandemic-era panic buying is making a comeback

This was the situation with the great panic of COVID-19. On March 12, 2020, toilet paper sales surged 734% compared to the same day the year before, making it the top-selling grocery item in the world that day. By the time the Great Toilet Paper panic of 2020 was over, 70% of the world’s grocery stores would have run out at some point—a record.

The shortage was so severe it caused a measurable shift in American bathroom habits: Bidet sales spiked and, for many households, stuck. But researchers who studied the episode afterward found no actual supply chain disruption for toilet paper. Production was steady and distribution was intact. Rather, the shortage was almost entirely a creation of panic and hype.

Now the panic buying is back—this time in Japan—and in some ways it makes even less sense. During COVID, supply chains across every sector were under strain, so the instinct to stockpile had, at least, a logical ambiance. Today, the disruptions are due to tightening in oil markets tied to the conflict in Iran, and little to do with consumer packaged goods. But Japan has its own deep history with toilet paper panic, and that history has its own logic.

Japan’s history with toilet paper panics

The original Japanese toilet paper crisis came in 1973, also triggered by turmoil in the Middle East over oil. It began when Yasuhiro Nakasone, then the minister of international trade and industry, called on the public to conserve paper products. The announcement was meant to signal some austerity. Instead, it sparked rumors that paper supplies were running out—and Japanese consumers, particularly women managing household budgets, began buying enormous quantities of toilet paper. Academics have described the panic as a response to the growing instability of the middle class, a fear their livelihoods were held up by smoke and mirrors.

Since then, Japan has raced for its toilet products every time a crisis rolls around. The devastating earthquake and tsunami of 2011 triggered the same kind of hoarding behavior, though apparently there were some actual disruptions in affected regions. Now, the cycle is repeating itself.

What makes toilet paper the perennial target? It’s bulky and distinctly finite—when it’s gone from the shelf, it’s conspicuous. And unlike food, which you consume and replace in a rhythm, toilet paper occupies a kind of psychological category all its own, a symbol of long-term stability and responsibility. 

“The importance of toilet paper…runs deep into the soul of modern culture,” anthropologist Grant Jun Otsuki wrote about the COVID shortage in 2021. “The mere thought of the disappearance of toilet paper from the world spurs some to act so quickly and decisively to secure their own supplies.”

So far, the panic doesn’t appear to have spread far beyond Japan—except, perhaps, to neighboring Australia, where Perth has reported some early signs of stockpiling. As if the hollering from across the water finally reached the next set of ears.

This story was originally featured on Fortune.com