TOKYO (Web Desk) – Japan’s trade deficit narrowed sharply last month as exports picked up while a sky-high energy import bill continues to fall, finance ministry data showed on Thursday.
The country’s trade deficit came in at 69.0 billion yen ($556 million), dropping 91.7 percent from a 834.0 billion yen deficit a year ago.
In June, the value of exports jumped 9.5 percent while imports fell 2.9 percent Over the six months through June the deficit shrank by 77.4 percent as weak commodity prices helped bring down Japan’s energy bill, which soared after it had to replace nuclear power in the aftermath of the Fukushima nuclear crisis.
Despite the export pick up, Japan’s central bank this month cut its annual growth and inflation forecasts for the world’s third-largest economy, with analysts warning weaknesses remained and the downgrade hinted at a disappointing second quarter.
