Japan reports trade deficit

Japan has reported a 549bn yen (€5.26bn) trade deficit for October as the European debt crisis and strained business ties with China over a territorial dispute reduced exports.

It was the fourth straight monthly trade deficit, when imports exceed exports, trade data showed. This year, only February and June have logged trade surpluses.

The Ministry of Finance said exports during the month fell 6.5% to 5.15 trillion yen (€48.4bn), while imports slipped 1.6% to 5.7 trillion (€546.8bn).

Exports to Western Europe plunged 23.5% to 527bn yen (€5.05bn), while exports to China dropped 11.6% to 948bn (€9.1bn), ministry statistics showed.