Japan's annual trade deficit rises to record $78 billion in 2012January 24, 2013 - 11:11 AMT PanARMENIAN.Net - Japan's annual trade deficit rose to a record $78 billion in 2012, according to official data from the Ministry of Finance, CNN reported. Japan, a nation whose export-driven wealth has traditionally been built on trade surpluses, had a second straight year of trade deficits thanks to a persistently high yen, trouble with trading partner China and weakening demand in the eurozone. Exports fell 5.8% in December 2012 compared to a year earlier due in large part to a strong yen which makes Japanese exports more expensive overseas. A protracted territorial dispute with China in the South China Sea has also seen Beijing slow its imports of Japanese goods. Japan's exports to the country plunged 10.8% in December year-on-year. Imports grew 1.9% over the same period, with mineral fuels including oil accounting for 34.1% -- and the majority -- of Japan's total imports for the year. Late last year, then-prime ministerial candidate Shinzo Abe campaigned on a mission to turn his country's economy around. His government unveiled $117 billion in new stimulus earlier this month. "Beating deflation and curbing the yen's appreciation is crucially important," Abe said on January 10 and that a "daring monetary policy is essential." Earlier this week, the Bank of Japan signed on to Abe's plan to raise inflation to 2%, with the hope of pulling the world's third largest economy out of a two-decade slump of deflation. Since mid-November, Japan's currency has weakened more than 9% and to a two-and-a-half year low -- boding well for Japan's exporters. Abe, who served as Japan's premier from 2006 to 2007, was sworn back into the office on December 26. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Power of One Dram to benefit Road of Life, Strong Mind IDBank and Idram summarize the results of the May program of “The Power of One Dram”. Yerevan State University, Ucom sign Memorandum of Cooperation Rector of Yerevan State University Hovhannes Hovhannisyan and General Director of Ucom Ralph Yirikian signed the memorandum. EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. |