Japan posted a global merchandise trade deficit of 95.3 billion yen in January, the first time its trade balance has plunged into the red since January 1997, according to a preliminary report released Wednesday by the Finance Ministry.
Amid the recent slowdown in the U.S. economy, growth in Japan's exports to the U.S. and Asia decelerated, while the yen's depreciation raised the value of imports.
A ministry official also attributed the trade deficit to various other factors, including the fact that export growth is usually slow in January because of the New Year's holidays.