Japan reveals record 2012 trade deficit

CNN – Japan’s annual trade deficit rose to a record $78 billion in 2012, according to official data from the Ministry of Finance. Japan, a nation whose export-driven wealth has traditionally been built on trade surpluses, had a second straight year of trade deficits thanks to a persistently high yen, trouble with trading partner China and weakening demand in the eurozone. Exports fell 5.8% in December 2012 compared to a year earlier due in large part to a strong yen which makes Japanese exports more expensive overseas. A protracted territorial dispute with China in the South China Sea has also seen Beijing slow its imports of Japanese goods. Japan’s exports to the country plunged 10.8% in December year-on-year. Read Article

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