The valuation of the JCC closely reflects the market state of supply and demand. Clear fluctuations in JCC pricing can be linked to distinct events such as the 2007-08 Global Financial Crisis and the 2011 Fukushima Disaster.The JCC was historically the main index to price Liquified Natural Gas (LNG) contracts as no global benchmark existed. However, as JCC is based on oil prices as opposed to gas, there has been a rise in objection to its use. In Europe and most North American nations, LNG pricing has shifted from use of the JCC to gas-based indexes (e.g. Henry Hub).