From Fortune · The Associated Press · · 1m 10s
Japan's trade deficit hits record $17.8 billion
War in Iran drives oil prices to $110 a barrel, forcing Japan to pay more for energy imports and widening its fiscal half trade gap to a record 2.81 trillion yen.
In brief
War in Iran drives oil prices to $110 a barrel, forcing Japan to pay more for energy imports and widening its fiscal half trade gap to a record 2.81 trillion yen. Japan's trade deficit reached a record 2.81 trillion yen in the first fiscal half as the Iran war sent oil prices soaring, forcing the country to pay more…
Record trade deficit widens
Japan's trade deficit reached 2.81 trillion yen, or seventeen point eight billion dollars, for the April-September fiscal half, according to government data released Wednesday.Exports grew 18.4 percent to 63.5 trillion yen while imports soared 20.
Iran war sends oil prices soaring
The war in Iran has blocked Japan's access to the Strait of Hormuz, forcing the resource-poor nation to pay more for oil shipments from other routes.
Bank of Japan raises rates to prop up yen
The weakening yen drives up import costs, with the U.S.dollar trading at one hundred fifty yen levels.The Bank of Japan raised its benchmark interest rate to 1.25 percent from 1.
What it means
Japan's trade deficit reached a record 2.81 trillion yen in the first fiscal half as the Iran war sent oil prices soaring, forcing the country to pay more for imports it cannot produce itself.
