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Summary Japan posted a record trade deficit for the 2011 fiscal year following the Fukushima nuclear crisis.
Japan on Thursday posted a record trade deficit for the 2011 fiscal year with car and electronics exports tumbling, while energy imports soared in the wake of the Fukushima nuclear crisis.The 2011 fiscal-year deficit hit 4.410 trillion yen ($54.2 billion), according to the finance ministry, the worst figure on record amid continuing worries about the worlds third largest economy.For decades, Japan enjoyed huge trade surpluses owing to its competitive cars, electronics and other exports.But the country is resource-poor and demand for fossil fuels has surged after last years quake-tsunami disaster sparked the worlds worst nuclear accident in a generation, leading the government to take many atomic reactors offline.At the same time demand in the countrys key European market suffered as the eurozone debt crisis took hold.For the year ended March, Japanese exports fell 3.7 percent to 65.282 trillion yen while imports soared 11.6 percent to 69.692 trillion yen, as worries mount that Japan will face energy shortages this summer.All but one of its nuclear reactors have been shut down following the disaster.
