Tokyo, June 16: Japan month-on-month trade deficit reached its second highest of $17.7 billion in May, while imports hit a new record of over $71 billion amid Russia’s special operation in Ukraine and subsequent Western sanctions against Moscow, data from the Japanese Finance Ministry showed on Thursday.
According to the ministry, Japanese trade deficit rose from $6.25 billion in April to $17.7 billion in March, which is the second largest monthly figure since January 2014, when the deficit amounted to $20.8 billion.
The data also showed that year-on-year value of Japanese imports had increased by a record 48.9% to $71.4 billion, while export value had risen by 15.8% to $54 billion.
According to the Kyodo news agency, the changes were triggered by rising energy prices resulting from Russia’s special military operation in Ukraine, increased demand on iron and steel, disrupted supply chains and the fall of yen.
On Wednesday, Japanese media reported that the country’s national currency had slid to its 24-year lowest and had been briefly trading at 135.6 yen per USD on expectations of a further widening of the interest rate gap between Japan and the United States.
(UNI)
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