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(CEP News) - A strong currency that is causing sharp declines in Japanese exports is largely responsible for widening the country's trade deficit in January, but by less than economists had expected.
Japan posted a trade deficit of ¥952.6 billion in January, despite expectations for a ¥1200.0 billion deficit, according to Japan's Ministry of Finance. In December, Japan posted ¥322.3 billion deficit, revised down from an initially reported ¥320.7 billion deficit. The decline was due in part to a sharp decline in exports to ¥3.483 trillion from ¥4.832 trillion in December, while imports declined to ¥4.435 trillion from ¥5.254 trillion previously. Over the last 12 months, imports have fallen by 31.7%, while exports were down by 45.7%. Meanwhile, the seasonally-adjusted trade balance was -¥364.9 billion, larger than December's ¥214.2 billion deficit but lower than forecasts for a ¥494.9 billion deficit. By Erik Kevin Franco,
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