08 Mar '12, 1am

Japan's Q4 GDP revised up to 0.2% contraction from Q3

Japan's Q4 GDP revised up to 0.2% contraction from Q3

TOKYO: Japan logged its biggest ever current account deficit in January as exports stuttered and rising fuel costs continued to bite, but revised GDP data revealed the picture was not as bad as feared. The deficit in the current account, the broadest measure of trade with the rest of the world, stood at 437.3 billion yen (US$5.4 billion), the finance ministry said. It was the first negative figure since January 2009, the ministry said, when Japan registered its previous record shortfall of 132.7 billion yen at the height of the global financial crisis. The deficit grew as the nation's exports sagged on a high yen and slow overseas demand, but analysts stressed that the January data was mainly dragged down by lunar new year holidays in key Asian markets. They said they expected Japan's current account to return to surplus in February as Asia-bound exports pick up. "This is ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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