Japan marks record trade deficit on soaring energy imports

TOKYO (AP) — Japan has reported a record-high trade deficit for 2022 of nearly 20 trillion yen, or $156 billion, as energy imports surged. The Finance Ministry reported Thursday that imports jumped almost 40% while exports grew 18% from a year earlier. It was the biggest deficit since Japan began keeping comparable records in 1979. Both imports and exports hit record highs. Resource-scarce Japan imports almost all its oil, and prices for crude oil and other commodities surged last year, partly due to the war in Ukraine. The value of the Japanese yen fell against the U.S. dollar and other currencies, meanwhile, as central banks raised interest rates to fight inflation.