Japan Runs Record Current Account Deficit in January

Reuters

10:36 JST, March 8, 2023

TOKYO, March 8 (Reuters) – Japan logged a record current account deficit in January on persistent rises in the cost of importing fuel, government data showed on Wednesday.

The deficit, at 1.98 trillion yen ($14.43 billion), exceeded a median market forecast of 818.4 billion yen and marked the biggest amount on record, the government said.

The country’s trade deficit in January was also the largest since relevant data became available in 1996, the data showed.

The data underscores the pain that stubbornly high energy costs are inflicting on Japan’s economy, which is heavily reliant on imports of fuel and raw material.

($1 = 137.2200 yen)