Japan trade deficit soars on weak yen, high oil prices

TOKYO (AP) — Japan has reported its trade deficit surged to over 2 trillion yen ($15 billion) in November as higher costs for oil and a weak yen combined to push imports higher. It was the 16th straight month of red ink and a record high for the month of November. The deficit for November was double that for the same month the year before. Exports rose 20% while imports surged 30% from a year earlier. Shipments to China rose only 3.5% while those to all of Asia climbed nearly 12%. Japan’s exports to the U.S. jumped nearly 33%, with the trade surplus rising 54%. Exports of vehicles were sharply higher as shortages of computer chips and other parts eased.