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It's not some stupid imperial measurement is it?
5/16" is close enough to 8mm diameter to cause confusion, but the most common thread pitches of 18TPI (UNC) and 24TPI (UNF) are plenty far enough from 1.25mm to make the difference between the three pretty obvious. There is a 5/16"×20TPI UN thread which is very close to M8×1.25, but I'd be surprised if you had it. With a general industrial fit, you could get a 5/16"×20TPI UN male quite a long way into an M8×1.25 female before you noticed the difference.
But just to check, based on the bolt thread diameter, that should be an M8, right? It's not some stupid imperial measurement is it?