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Japan’s Trade Deficit Smashes Record, Topping 3 Trillion Yen

  • Lunar new year holidays in China drags down January figures
  • Exports to Europe, US also weakens amid signs of slowing
Updated on

Japan’s trade deficit surged to a record in January, as one-off factors including the lunar new year holidays dragged on exports amid a backdrop of a slowing global economy.

The trade gap jumped to ¥3.5 trillion ($26.1 billion) from ¥1.45 trillion in December, topping ¥3 trillion for the first time in comparable data going back the late 1970s, the finance ministry reported Thursday. The deficit far exceeded the previous record, although it was smaller than analysts’ estimates.