News On Japan

Japan Narrows Trade Deficit Amid Rising Exports to U.S.

TOKYO, Apr 17 (News On Japan) - The trade balance for fiscal year 2023 recorded a deficit of 5.8 trillion yen, marking the third consecutive year of deficits.

According to the trade statistics released by the Ministry of Finance for fiscal year 2023, the trade balance -- calculated by subtracting imports from exports -- resulted in a deficit of 5.8919 trillion yen. This continues the trend of annual deficits for the third year.

Exports to the United States, particularly automobiles, saw significant growth, while the import costs of energy resources such as coal declined, reducing the deficit by approximately 73% compared to the previous fiscal year, which had recorded the largest deficit to date. Export figures reached an all-time high since 1979 at 102.8983 trillion yen, and import figures decreased for the first time in three years to 108.7 trillion yen.

However, there is a possibility that the trade deficit may widen if import costs increase due to the recent depreciation of the yen.

In a related report, the trade balance for March of this year showed a surplus of 366.5 billion yen. This marks a return to a surplus for the first time in three months, aided by a decrease in energy imports such as coal.

Source: TBS

News On Japan
POPULAR NEWS

From April 1st, a new regulation took effect across Osaka Prefecture requiring all restaurants with a customer seating area larger than 30 square meters to become entirely smoke-free indoors—unless they install a designated smoking room. Establishments violating the rule face fines of up to 50,000 yen, while customers may be fined up to 30,000 yen.

The Imperial Household Agency launched an official YouTube channel on April 1st to introduce the activities of Emperor Naruhito and Empress Masako.

Japan's new fiscal year began on April 1st, with companies across the country holding entrance ceremonies to welcome new employees.

The Japanese government has released an updated damage forecast for a potential Nankai Trough megaquake, estimating that up to 298,000 people could die in the worst-case scenario. This projection reflects a slight reduction from the previous estimate of 332,000 deaths made 13 years ago.

The Japan Meteorological Agency announced on March 30th that cherry blossoms (Somei-Yoshino) in central Tokyo have reached full bloom, one day earlier than the historical average and five days earlier than last year.

MEDIA CHANNELS
         

MORE Business NEWS

The prototype line for next-generation semiconductors developed by Rapidus is now ready, as a nationwide initiative to boost Japan's chip industry takes a major step forward in Hokkaido.

The Japanese government approved a cabinet ordinance on April 1st to introduce a new pre-screening system for foreign companies investing in Japan. The revised regulation will take effect on May 19th.

The Bank of Japan's March Tankan survey, a key quarterly economic report, showed that business sentiment among large manufacturers has deteriorated for the first time in four quarters.

Tokyo has made it mandatory to install solar panels on newly built houses starting April 1st, as part of its broader effort to halve greenhouse gas emissions by 2030.

The new fiscal year began on April 1st, with companies across the Kansai region holding entrance ceremonies to welcome new employees.

Sukiya, one of Japan's leading beef bowl restaurant chains, announced it will temporarily close nearly all of its stores after an insect was found in a food item served at one of its outlets.

Fuji Television announced a sweeping overhaul of its management structure on March 27th, including the retirement of longtime executive Hisashi Hieda, who served on the board for 41 years.

The Trump administration announced on March 26th that it will impose an additional 25% tariff on imported automobiles and key auto parts. According to the proclamation signed by President Trump, the tariffs are set to take effect on April 3rd and will apply to all imported vehicles, including those from Japan.