Japan logs record trade deficit
Japan posted another record trade deficit in February, mainly due to growing imports of fossil fuels to compensate for the shutdown of the nation’s nuclear plants.
Japan’s trade deficit reached nearly 7.9 billion dollars [800.3 billion yen], the highest figure ever for February.
Exports rose by 9.8 percent over the past year, thanks in part to strong automobile sales in China. But that wasn’t enough to offset a 9 percent increase in the value of imports.
Liquefied natural gas and other fossil fuels are weighing heavily on Japan’s trade balance, as power companies continue to rely on thermal plants to make up` for the shutdown of nuclear reactors.
Market analysts say the upcoming sales tax hike in April has also boosted demand for German cars.