Japan had its worst September trade result in more than 30 years, as European crisis and a surge in antagonisms with its close economic partner China weighed down. Japan's trade deficit widened in September to 558.6 billion yen (US$7.2 billion), as exports plunged 10.3% year-on-year, according to the Finance Ministry reporting Monday. The September trade balance marked a major turnaround from a surplus of 288.8 billion yen last year, going the deepest into the red since 1979, according to The Telegraph. Japan’s auto industry suffered the most, as exports of cars fell 15% year-on-year in September. This was coupled by a double-digit fall of the country’s mainstay – exports of consumer electronics. The trade figures came as Japan's central bank governor, Masaaki Shirakawa, warned that the risk of shocks to the financial system from the debt crisis in Europe remains high, while slowing global growth is hitting manufacturing and exports.
“We must remain fully vigilant toward market developments,” Shirakawa told a quarterly meeting of the bank's regional managers.
Continue Reading: Japan suffers worst September trade since 1979 — RT
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