Japan logs trade deficit in March on weak yen, pricey oil
ABC News
Japan has reported a much bigger than expected trade deficit for March as a weaker yen and high oil prices pushed costs of imports sharply higher
Japan's trade deficit persisted in March as imports surged 31% thanks to soaring oil prices and a weakening yen.
The deficit of 412 billion yen ($3.2 billion) for March was lower than the previous month’s 670 billion yen but was quadruple analysts’ estimates and a reversal of the surplus of 615 billion yen recorded a year earlier for the world's third-largest economy.
The weaker yen helps make Japanese exports more competitive overseas and fattens profits when they are converted from dollars to yen, but it also raises costs both for consumers and businesses.
Exports climbed 15% in March to 8.46 trillion yen ($65 billion) while imports were 8.9 trillion yen ($68 billion).
