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Japan’s Trade Deficit Quadruples
Slumping exports, increased energy imports and a weak yen caused Japan's trade deficit to surge to nearly 1.5 trillion yen ($14 billion) in March from 357 billion yen a year earlier.
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Slumping exports, increased energy imports and a weak yen caused Japan's trade deficit to surge to nearly 1.5 trillion yen ($14 billion) in March from 357 billion yen a year earlier.
The government says the value of imports climbed by an annualized 18% last month, but exports grew only 2%.
Japan's energy imports have increased since the country decided to idle all its nuclear power plants after the earthquake and tsunami of 2011. Over the past 12 months, the country's currency dropped almost 10% against the U.S. dollar.
Analysts say last month's jump in imports also may have been spurred by consumers seeking to beat the April 1 hike in Japan's consumption tax to 8% from 5%.
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