Japan could record its biggest trade deficit in nearly 9 years in August

Japan could record its biggest trade deficit in nearly 9 years in August
Japan could record its biggest trade deficit in nearly 9 years in August

Although crude oil gains slowed in July, a weaker yen pushed up import costs, economist explained

Photo: Bloomberg LP

Japan likely ran its largest trade deficit in nearly nine years in August as the continued depreciation of the Japanese yen, which hit a 24-year low against the U.S. dollar, pushed up the cost of imports, a Reuters poll showed.

The median forecast of economists polled by the media was for a trade deficit of $2.398 trillion. JPY (US$16.80 billion) in August as a result of significant import growth of 46.7%. Exports are expected to have also increased, but at a slower rate of 23.6 percent.

The expected deficit would mark the largest monthly result since January 2014’s 2.790 trillion. yen.

“Although crude oil price growth slowed in July, the weakening yen increased import costs,” said Kenta Suwa, an economist at Mizuho Research and Technologies.

Japan’s wholesale inflation data is due next week and is expected to come in at 8.9 percent in August, after rising 8.6 percent in July.

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Tags: Japan record biggest trade deficit years August

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