TOKYO, March 10 Japan's current account logged a
record deficit in January, Ministry of Finance (MOF) data showed
on Monday, as a bulging trade deficit eats into the country's
balance of payments.
The deficit stood at 1.589 trillion yen ($15.4 billion),
against economists' median estimate of a 1.4 trillion yen
deficit. It followed a 638.6 billion yen shortfall in the
previous month, which was the biggest amount in comparable data
going back to 1985.
A weak yen and solid consumption before a planned sales tax
hike in April have driven imports, already elevated by strong
demand for fossil fuel to make up for nuclear energy lost since
the Fukushima crisis, causing a persistent trade deficit.For more background, please see PREVIEW