Japan exports climb, but trade deficit widens to record

11/20/2013 | Bloomberg

Japan's exports surged last month, but import costs due to the falling yen outpaced that gain, producing a record trade deficit for October and extending a string of trade gaps to 16 months. "Exports are rebounding on a pick-up in the overseas economy, while imports are likely to expand further before a sales-tax increase [in April]. The deficits aren't a good sign for Japan's economy as they mean wealth is flowing out of Japan," said Norio Miyagawa, a senior economist at Mizuho Securities Research & Consulting in Tokyo.

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