Thursday, 23rd October 2008
In Business In Japan,
Japan's trade surplus falls as recession looms
There has been a sharp drop in Japan's trade surplus signalling bad times ahead for the country's economy.
New figures published by the finance ministry today (October 23rd) show that the surplus contracted by around 94 per cent last month.
The surplus currently stands at $965.7 million (£599 million), down from $16.34 billion at the same time last year.
Al Jazeera English reports the economy is being hit by the high cost of oil, coal and natural gas, in addition to falling demand for Japanese goods.
Japan, which is not well equipped when it comes to natural resources, spent marginally less on energy imports last month, reflecting the rise in fuel prices.
Recently the Japanese government reduced its assessment of the country's economy - the second largest in the world after the US - as the spectre of recession loomed ever greater, reports Forbes.