Japan logs record Aug trade deficit on weak yen, costly oil

TOKYO (AP) — Japan has reported it posted a record trade deficit in August as costs for imports of oil, gas and other commodities soared. The 2.82 trillion yen ($19.6 billion) deficit, the 13th in a row, was triple the deficit logged in the same month a year earlier. Customs data released Thursday showed exports rose 22% from a year earlier as regional economies recovered from pandemic-related disruptions, while imports soared 50%. Japan’s currency, the yen, has weakened sharply against the U.S. dollar as the Federal Reserve has raised interest rates to counter inflation. Surging prices for many commodities and other products are also pushing Japan’s import costs higher.