Japan records a trade deficit for the third straight fiscal year despite recovering exports

Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak. The data released Wednesday showed the deficit was $38 billion for the fiscal year that ended in March. The biggest trade deficits were in the Middle East, mainly Saudi Arabia and the United Arab Emirates, as well as Australia and Indonesia. Japan had a trade surplus with the U.S. and some European countries. Annual exports to China declined for the first time in four years. The decline in the yen affected the trade balance, as it cost more in yen to import and boosted the value of exports when converted to yen.