Japan posts record full-year trade deficit

Japan has posted its biggest annual trade deficit on record. The weaker yen and soaring energy prices were mostly to blame.

Preliminary data released by the Finance Ministry shows a trade deficit of almost 20 trillion yen for 2022. That's the equivalent of about 155 billion dollars.

The deficit is the largest since comparable data became available in 1979.

Imports surged 39.2 percent in yen terms. Costs for crude oil, coal, and liquefied natural gas were up significantly. The weaker yen also contributed to the increase. This outpaced an 18.2 percent increase in exports.