Japan’s Trade Deficit Surges to Record High

Japan's trade deficit jumped 71% to 2.8 trillion yen ($27.3 billion) in January compared with December, according to government figures.

The country posted a record trade deficit in 2013, and analysts say a wider gap looms this year.

January's increase was due to a slowdown in exports and a weak yen that drives up the price of imported goods. Energy imports have been up significantly since Japan shuttered its nuclear power plants in the wake of the 2011 tsunami and earthquake.

The Japanese yen has lost almost 20% of its value against the American dollar over the past year. That makes the country's exports less expensive to overseas markets, but it also boosts the cost of imported goods.