Japan Posts Fourth Straight Trade Deficit Amid Ongoing Oil Price Surge

Japan's trade deficit reached 1.1 trillion yen ($7.1 billion) in August, marking the fourth consecutive month of red ink.

The Finance Ministry attributed the deficit to a surge in crude oil prices due to ongoing tensions in the Middle East.

Imports rose 28.0 percent from a year earlier to 11.15 trillion yen, with crude oil imports from the United States increasing more than 11-fold in value.

Japan has been diversifying its fuel sources, including importing crude oil from the US due to disruptions in the Strait of Hormuz since February.