Japan’s trade deficit hits record high in January

Japan's trade deficit hits record high in January
19 February 2012, by Michael Kitchen - Los Angeles (MarketWatch)
http://www.marketwatch.com/story/japans-trade-deficit-hits-record-high-in-january-2012-02-19

Japan's trade deficit widened significantly in January to ¥1.475 trillion ($18.5 billion) from December's ¥205.1 billion, the Ministry of Finance said Monday, with the trade gap at its largest nominal level in history.

Imports for the month rose 9.8% from a year earlier, pushed higher by a 23.6% jump in fuel purchases.

Exports fell 9.3%, including a 13.7% drop in shipments to China, driving the trade gap wider to slightly above a forecast deficit of ¥1.468 trillion, according to a survey by Dow Jones Newswires.

The Japanese yen extended its drop following the data, with the dollar at ¥79.72 or a 1.1% gain for the day, according to FactSet research.