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Japan current account surplus shrinks sharply on trade deficits

Weak yen also plays role as nation's once-solid balance of payments wanes

A LNG tanker in Yokohama, Japan. High energy prices and the weak yen brought record trade deficits to Japan in 2022.   © Reuters

TOKYO (Reuters) -- Japan's current account surplus fell sharply in December after a record rise the prior month, finance ministry data showed on Wednesday, highlighting the impact of persistent trade deficits and a weak yen on the country's once-solid balance of payments.

The yen's slide over the past year has bumped up the cost of imports, including commodities and oil that were already on the rise due to the Ukraine war, putting immense pressure on Japan's overall current and trade accounts.

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