Japan Trade Deficit Widens to Record High

Japan's trade deficit has widened significantly in August, with a customs-cleared trade deficit of 1.11 trillion yen ($7.1 billion) recorded, marking the fourth consecutive month of a trade shortfall.

The deficit was nearly four times larger than the approximately 294 billion yen recorded in the same month a year earlier, due to a weaker yen and higher crude oil prices contributing to a sharp increase in import costs amid heightened tensions in the Middle East.

Total imports rose 28.0% year on year to 11.154 trillion yen, reaching the highest level ever recorded for the month of August. Crude oil imports increased particularly sharply, rising 58.7% in value from a year earlier.