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Publish Date22/08/2012 12:22:12 AM
Last Update22/08/2012 05:32:46 AM
Japan recorded today a wider-than-expected deficit in its merchandise trade balance in July, where Europe’s debt crises woes dragged down exports while the higher oil prices boosted imports.
The merchandise trade balance for July saw a deficit of 517.4 billion, from the previous revised surplus of 60.3 billion from 61.7 billion, while analysts’ expectations were of a deficit of 270.0 billion.
Today’s reading is the ninth deficit in 12 months which underscores the country’s reliance on energy imports especially after closing atomic plants since last year’s earthquake and nuclear disaster.
At the same time, the strength of the yen and the weaker global demand may not help what so ever exports through the rest of the year, which may underscore the nation’s growth outlook amid the current instability.
Moreover, the Japanese government is expected to ease some policies in order to support exports and ease imports during the upcoming period in order to make an equilibrium in the world’s third largest economy.
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