Japan posts record trade deficit as energy costs climb
(CNN) -- Japan -- battered by a strong yen, slowing global demand and increased oil and gas imports due to last year's Fukushima nuclear disaster -- posted a record trade deficit of $18.7 billion in January, according to official figures released Monday.
The record fall was stoked by greater energy imports of gas and oil following the March 11earthquake, tsunami and resulting nuclear disaster at the Fukushima Daiichi power plant, which forced the closure of most of Japan's atomic power plants.
"The sharp increase of oil price could be the main reason of the sharp deterioration of trade balance," said Takahide Kiuchi, chief economist for Nomura Securities in Tokyo.
Currently, only five reactors out of 54 in the country are in operation after officials allowed most to fall idle in the wake of the Fukushima disaster. Japan posts 1st trade deficit in decades What in the world Japan considers restarting two reactors
By April, if more reactors are not brought online the country will have no nuclear plants in operation, placing more pressure on its energy suppliers. Liquid natural gas imports alone climbed 28.2% year on year, according to the ministry's preliminary report.