Japan’s deficit reaches 8-year high as energy imports soar

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan has reported its trade deficit rose to an eight-year high in January as the cost of energy imports soared. The Finance Ministry said the trade deficit jumped to 2.2 trillion yen ($19 billion) as imports surged nearly 40%. Exports climbed 9.6%. It was the sixth straight month of deficits. Japan imports almost all of its oil and gas and prices have risen to multi-year highs recently, adding to global concerns about inflation. Tensions over a possible Russian invasion of Ukraine have pushed prices still higher. Japan’s import costs have also climbed due to a weakening of the yen against the U.S. dollar.