Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and declines in the yen swelled imports, clouding the country's economic outlook.
The growing trade deficit underscores the headwinds the world's third-largest economy faces from a slide in the yen and surging costs of fuel and raw materials, on which domestic manufacturers rely for production.
"The weak yen is a major factor behind the rise in imports," said Harumi Taguchi, principal economist at S&P Global Market Intelligence. May's deficit, which was the second largest in a single month on record, marked the 10th straight month of year-on-year shortfalls and was bigger than the 2.023 trillion yen gap expected in a Reuters poll.
Shipments bound for the United States, the world's largest economy, rose 13.6% in May, thanks to stronger exports of machinery and mineral fuels, though those of motor vehicles fell.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japan toughens defamation penalties after wrestler's suicideJapan’s parliament has approved tougher penalties for criminal defamation in a move prompted by a bullied wrestler’s suicide and that is raising free speech concerns
Read more »
Floyd Mayweather to fight another exhibition bout in JapanFloyd Mayweather will fight in Japan again in another exhibition, this time against MMA fighter Mikuru Asakura.
Read more »
Japan makes 'online insults' punishable by one year in prisonJapan's parliament on Monday passed legislation making 'online insults' punishable by imprisonment amid rising public concern over cyberbullying sparked by the suicide of a reality television star who had faced social media abuse.
Read more »
In wake of reality star Hana Kimura's death, Japan approves tougher defamation penalties to include prisonJapan's parliament approved tougher penalties for criminal defamation Monday in a move prompted by a bullied wrestler's suicide and that is raising free speech concerns.
Read more »
Japan Testing Ways To Tap Ocean Currents For Renewable EnergyJapan's IHI has completed a long term test of its renewable energy prototype designed to generate electricity from ocean currents.
Read more »
23 Reasons Why Japan Is Already Living In the FutureIt's no secret that the Japanese love their technology. From computer games to vending machines for anything you can wish for, these citizens of the land of the Rising Sun appear to be living in the far future of mankind.
Read more »