Japan logs record monthly trade gap

Japan's monthly trade deficit has more than doubled to a new record after a weakened currency drove up the cost of fuel imports while exports slowed. Japan's trade gap rose by 71 per cent to 2.79 trillion yen ($27.3 billion; £16.4 billion) in January from a deficit of 1.3 trillion yen in December. This comes after imports rose by 25 per cent, outweighing a 9.5-per cent rise in exports. Japan has posted large trade deficits for 19 straight months, raising concerns the government's stimulus policy may be having a counter effect. Prime Minister Shinzo Abe has been looking to weaken the value of Japan's currency to stimulate economic growth and end nearly two decades of deflation, according to a news agency.