Japan's Trade Deficit Woes Continue as Energy Costs Soar

Japan's economy has hit new records for exports and imports in July, but the country is still struggling with a trade deficit due to soaring energy costs and a weak yen.

The Finance Ministry reported that Japan's imports surged by 27.8% from the same month last year to a seasonally adjusted 12.15 trillion yen ($77 billion), while exports rose 23.2% to 11.51 trillion yen ($73 billion).

This marks the third consecutive month of trade deficits for Japan, with the total deficit reaching 634.5 billion yen ($4 billion) in July.

The weak yen has been a major factor contributing to Japan's trade deficit, making raw materials and other essential imports more expensive.