- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- AI steps into science limelight with Nobel wins
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Creator's death no bar to new 'Dragon Ball' products
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
- Braving war: Lebanon's 'badass' airline defies odds
- US weighs Google breakup in landmark trial
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- A US climate scientist sees hurricane Helene's devastation firsthand
- Can carbon credits help close coal plants?
- Boeing suspends negotiations with striking workers
- 7-Eleven owner's shares spike on report of new buyout offer
- Your 'local everything': what 7-Eleven buyout battle means for Japan
- AI-aided research, new materials eyed for Nobel Chemistry Prize
- The US economy is solid: Why are voters gloomy?
- Scientists sound AI alarm after winning physics Nobel
- Nobel-winning physicist 'unnerved' by AI technology he helped create
- Trump secretly sent Covid tests to Putin: Bob Woodward book
- Neural networks, machine learning? Nobel-winning AI science explained
- Boeing delivers 27 MAX jets in September despite strike
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- Geoffrey Hinton, soft-spoken godfather of AI
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Duo wins Physics Nobel for key breakthroughs in AI
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Nobel literature jury may go for non-Western writer
- From Bolivia to Indonesia, deforestation continues apace
- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
RBGPF | -2.48% | 59.33 | $ | |
RYCEF | -1.01% | 6.9 | $ | |
CMSD | -0.17% | 24.81 | $ | |
RIO | -0.54% | 66.3 | $ | |
CMSC | 0.04% | 24.65 | $ | |
VOD | 0.77% | 9.735 | $ | |
SCS | 1.92% | 13.03 | $ | |
NGG | -0.33% | 65.685 | $ | |
JRI | 0.34% | 13.205 | $ | |
BCC | 0.45% | 142.66 | $ | |
RELX | 0.28% | 46.77 | $ | |
BCE | -0.52% | 33.337 | $ | |
BTI | 0.71% | 35.472 | $ | |
GSK | 5.82% | 40.37 | $ | |
AZN | 0.82% | 77.505 | $ | |
BP | 0.02% | 32.035 | $ |
Japan's 2022 trade deficit hits record on energy costs
Japan logged its largest ever annual trade deficit last year, with the soaring price of energy and raw materials compounded by the dramatic fall of the yen.
The resource-poor country is heavily dependent on imported fossil fuels, which became sharply more expensive last year, largely due to Russia's invasion of Ukraine.
In 2022, the value of imports was 19.97 trillion yen ($155 billion) higher than exports -- Japan's largest ever deficit. Comparable data has been available since 1979.
The reading also marked a jump from Japan's previous record trade deficit of 12.82 trillion yen in 2014.
Japan has stopped Russian oil imports in reaction to the war in Ukraine, but it still buys coal and natural gas from the country, and its LNG imports from Russia rose more than four percent in 2022.
The yen also hit multi-decade lows against the dollar last year, prompting expensive government interventions to prop up the currency.
Driven down by the gap in monetary policy between Japan and other countries, the weaker yen inflated profits for exporters but ramped up the price of imports like energy.
Taro Saito, executive research fellow at NLI Research Institute, said Japan would continue to see large trade deficits in the near term.
"While exports are expected to slump on the back of a slowing overseas economy, the value of imports should also ease after the yen's slide takes a breather," he wrote in a report published after the data's release.
"The trade deficit is expected to gradually fall while remaining at a high level."
U.Ndiaye--CPN