Japan deficit hits record

Japan's current account deficit widened to a record 1.5tn yen ($15bn, £8.7bn) in January, the largest since records began in 1985. In further bad news, the country's economic growth figures were also revised downwards. Japan's economy grew by 0.7% in 2013, down from an initial estimate of 1%. Investors reacted with disappointment to the news, with the benchmark Nikkei 225 index falling by 95 points, or more than 0.6%. From October to December 2013 Japan's economy grew by just 0.2%, after earlier estimates showed an increase of 0.3%. The sluggish growth and growing deficit come just before a planned sales tax increase, scheduled to take effect in April, according to a news agency.