Japan Suffers Fourth Straight Month of Trade Deficit Due to Soaring Oil Prices

Japan has recorded a trade deficit for the fourth straight month due to soaring oil prices caused by conflicts in the Middle East. The country's Finance Ministry reported a preliminary trade deficit of 1.1 trillion yen ($7 billion) last month.

The high cost of imports, mainly driven by oil prices, has led to this prolonged period of red ink for Japan. This is the fourth consecutive month that the country has experienced a trade deficit, according to the ministry's data.