Japan logs record Aug trade deficit on weak yen, costly oil
Japan has reported it posted a record trade deficit in August as costs for imports of oil, gas and other commodities soared
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Japan posted a record trade deficit in August as costs for imports of oil and gas soared, the government reported Thursday.
The 2.82 trillion yen ($19.6 billion) deficit, the 13th in a row, was triple the deficit logged in the same month a year earlier.
Customs-data showed exports rose 22% from a year earlier as regional economies recovered from pandemic-related disruptions while imports soared 50%.
Energy-related imports from the Middle East accounted for about half of the deficit.
Japan’s currency, the yen, has weakened sharply against the U.S. dollar as the Federal Reserve has raised interest rates to counter inflation. Surging prices for many commodities and other products are also pushing Japan’s imports higher.