Japan records a trade deficit as oil imports soar because of conflict in the Middle East

Japan recorded a trade deficit of 2.81 trillion yen, equivalent to $17.8 billion, for the first fiscal half according to preliminary government data released by the Finance Ministry on Wednesday. The deficit was driven by a surge in oil import prices.

The increase in import costs was attributed to the ongoing war in Iran, which has impacted energy markets and driven up the cost of oil imports for the country.