Japan has posted its first current account deficit in nine months after surging fuel prices and a weak yen made imports more expensive.
The current account is a measure of Japan's trade and investment with the rest of the world. The Finance Ministry said Thursday that October's figure was 64.1 billion yen in the red. That's about 470 million dollars.
The trade deficit hit 1.88 trillion yen, or nearly 14 billion dollars. Imports surged to a record high due to the prices of crude oil and liquefied natural gas as well as the weak yen.
But primary income went up. That's the money Japanese firms receive on overseas investments. It reached 2.83 trillion yen or nearly 21 billion dollars.
The economy also got a boost from a surge in tourism after the government eased border restrictions. Inbound visitors spent 43 billion yen, or about 314 million dollars, more than outbound Japanese spent overseas.
The current account is a measure of Japan's trade and investment with the rest of the world. The Finance Ministry said Thursday that October's figure was 64.1 billion yen in the red. That's about 470 million dollars.
The trade deficit hit 1.88 trillion yen, or nearly 14 billion dollars. Imports surged to a record high due to the prices of crude oil and liquefied natural gas as well as the weak yen.
But primary income went up. That's the money Japanese firms receive on overseas investments. It reached 2.83 trillion yen or nearly 21 billion dollars.
The economy also got a boost from a surge in tourism after the government eased border restrictions. Inbound visitors spent 43 billion yen, or about 314 million dollars, more than outbound Japanese spent overseas.
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Summary
Japan recorded a current account deficit for the first time in nine months in October, amounting to approximately $470 million. The trade deficit reached nearly $14 billion due to surging fuel prices and a weak yen increasing import costs. However, primary income increased to almost $21 billion
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ID: e51e9d88-ec90-40d1-93b9-932878eed053
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20221208_26/
Date: Dec. 8, 2022
Created: 2022/12/08 18:22
Updated: 2025/12/09 10:38
Last Read: 2022/12/08 18:40