Japan posts current account deficit for first time in 2 years
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FILE PHOTO: Stacked containers are seen at an industrial port in Tokyo, Japan February 15, 2024. REUTERS/Issei Kato/File Photo
By Leika Kihara
TOKYO (Reuters) - Japan recorded a current account deficit in January for the first time in two years as a weak yen inflated the cost of imports, finance ministry data showed on Monday.
A boost in imports of smartphones and electronic parts in the run-up to the Lunar New Year holiday, which started at the end of January, also pushed up total imports during the month, the data showed.
Japan's current account deficit in January stood at 257.6 billion yen ($1.75 billion), bigger than a median market forecast for a deficit of 230.5 billion yen, the data showed.
Imports rose 17.7% in January from a year earlier, while exports rose 2.1%, according to the data.
($1 = 147.5000 yen)
(Reporting by Leika Kihara; Editing by Jacqueline Wong)
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