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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan logs record current account deficit AFP - Monday, March 9 TOKYO (AFP) - - Japan on Monday announced a record current account deficit, the first such shortfall in 13 years, as the global downturn chokes exports and sends the economy sliding deeper into recession. ADVERTISEMENT The export-dependent economy has been hammered by a worldwide drop in demand for the cars, high-tech goods and machinery in which Japan excels, putting it on course for the worst recession since World War II. Japan logged a bigger than expected deficit of 172.8 billion yen (1.8 billion dollars) in January in its current account, the broadest measure of trade in goods and services, according to official data. Exports almost halved from a year earlier, reflecting the rapidly worsening global economic climate. The deficit was the largest since comparable records began in January 1985 and marked a dramatic turnaround from the surplus of 1.164 trillion yen a year earlier. The figure was "shocking," Toshihiro Nagahama, a senior economist at Dai-ichi Life Research Institute, told Dow Jones Newswires. "I'm afraid that Japan's current account will likely be in the red ink for months ahead. Because we can't expect that the US economy will hit a trough in the near term, Japan's exports will very likely remain very weak," he said. Historically, Japan has run a large surplus in its current account thanks to brisk foreign demand. But the global crisis has prompted consumers to tighten their purse-strings in the United States and Europe, prompting Japanese companies such as Toyota and Sony to launch a wave of job cuts. "The deficit was due to the continuing deterioration in exports," said Hiroshi Watanabe, senior economist at Daiwa Research Institute. "We believe the trend will continue for the time being as Japanese companies are likely to spend most of 2009 trying to adjust their inventories," he said. Exports dived 46.3 percent in January from a year earlier to 3.282 trillion yen, while imports tumbled 31.7 percent to 4.127 trillion yen, the finance ministry said. There are fears that the government will report later this week that the economy shrank even more in the fourth quarter of 2008 than an initial estimate of a 12.7 percent annualised drop. Analysts also expect gross domestic product (GDP) to suffer another large contraction in the first quarter of 2009. "The collapse in exports will make another large negative contribution to Japan's GDP in the first quarter," warned Julian Jessop, an analyst at the research firm Capital Economics. Automakers in particular are cutting production to cope with the plummeting global demand. The market is hoping that stimulus measures in the United States and China will help to drive a recovery in the two nations by late 2009, but a recovery in Japan is unlikely until next year, said Watanabe. Prime Minister Taro Aso said last week there was "no bottom in sight" for Asia's biggest economy. Toyota, Sony and other leading corporations are heading for big losses in the current financial year to March because of weak demand and the strength of the yen, which hurts export earnings. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's Nikkei index closes at 26-year lowAP - 1 hour 15 minutes ago Asia capital losses at 9.6 trillion dollars in 2008: ADBAFP - 2 hours 8 minutes ago Asian stocks sink amid anxiety over world economyAP - 2 hours 12 minutes ago Japan logs record current account deficitAFP - Monday, March 9 Related Articles: Business US-BUSINESS SummaryReuters - 33 minutes ago S.Korea's Kookmin Bank to raise $193 mln in new shrsReuters - 36 minutes ago China stocks drop 3.4 pct before economic dataReuters - 39 minutes ago Taiwan UMC's Feb sales fall 57 pct from year agoReuters - 50 minutes ago FOREX-Dollar edges up vs euro but market lacks appetiteReuters - 56 minutes ago Enlarge Photo Japan logs record current account deficit Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Russian media teases Clinton over 'reset' button Business groups slam German nationalisation bill Bleak jobs report dampens hopes for US recovery 651,000 jobs lost as US hits 25-year jobless high Zimbabwe PM hurt, wife killed in car crash: party View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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