Japan’s trade deficit ballooned by a quarter to $9.8 billion in August, official data showed Thursday, underscoring how a weaker yen has sent the country’s energy import bill soaring.
The monthly deficit of 960.3 billion yen was well up from a shortfall of 768.4 billion yen a year earlier, marking the worst-ever August deficit and extending a string of shortfalls to 14 months — tying a previous record set more three decades ago.
The data showed that a drop in the yen since late last year has helped Japan’s exports, with the value of shipments rising 14.7 percent, helped by strong demand for vehicles.
But the country’s imports jumped 16.0 percent, with energy costs soaring after the Fukushima atomic crisis forced Tokyo to switch off Japan’s nuclear reactors.
Japan August trade deficit soars 25% to $9.8 bn
