On January 19, Nikkei Asia reported that the Ministry of Finance of Japan released data, showing that Japan’s trade deficit had surpassed a previous high in 2014 (¥12.8 trillion/$100 billion), and is now projected to be in the range of ¥19.97 trillion ($155 billion) for 2022.
Financial analysts attributed the deficit to skyrocketing fuel prices—"in 2022, the value of crude oil imported by the resource-poor nation saw an enormous growth of 91.5%, while liquefied natural gas imports skyrocketed by 97.5%,” and “the yen dropped to a 32-year low against the dollar in October as the Bank of Japan kept its ultra-mild monetary policy amid global rate hikes, added to import costs for vital produce like food and raw materials,” as reported by RT.
