Japan logs first current account deficit in 13 years

Japan logged a current account deficit of 172.8 billion yen ($1.8 billion) in January, the first in 13 years, as the global economic downturn sent exports plunging, official data showed today.

The figure compared with a surplus of 1.164 trillion yen a year earlier, according to the finance ministry.

It was the first current account deficit since January 1996, the government said.

Exports dived 46.3 per cent from a year earlier to 3.282 trillion yen, while imports tumbled 31.7 per cent to 4.127 trillion yen, the ministry said.