Japan’s trade gap far wider than forecast

Weakening currency: Japanese yen and US dollar notes are seen in this illustration. The yen has slid to a two-decade low against the greenback. — Reuters

TOKYO: Japan recorded a trade deficit in March that was more than four times wider than market forecasts, as China-bound exports slowed sharply while soaring energy prices raised the cost of imports, adding to economic challenges brought by conflict in Ukraine.

Outgoing trade was restrained by a decline in car exports and a slowdown in the growth of shipments to Japan’s biggest trading partner China, data showed, indicating continuing risk from global supply constraints and the coronavirus pandemic.