Business
Japan Records $78bn Trade Deficit
Japan’s annual trade deficit rose to a record $78 billion in
2012, according to official data from the Ministry of Finance as reported by
CNN.
Japan, a nation whose export-driven wealth has traditionally
been built on trade surpluses, had a second straight year of trade deficits
thanks to a persistently high yen, trouble with trading partner China and
weakening demand in the eurozone.
Exports fell 5.8% in December 2012 compared to a year
earlier due in large part to a strong yen which makes Japanese exports more
expensive overseas.
A protracted territorial dispute with China in the South
China Sea has also seen Beijing slow its imports of Japanese goods. Japan’s
exports to the country plunged 10.8% in December year-on-year.
Imports grew 1.9% over the same period, with mineral fuels
including oil accounting for 34.1% — and the majority — of Japan’s total
imports for the year.
Late last year, then-prime ministerial candidate Shinzo Abe
campaigned on a mission to turn his country’s economy around. His government
unveiled $117 billion in new stimulus earlier this month.
Beating deflation and curbing the yen’s appreciation is
crucially important,” Abe said on January 10 and that a “daring monetary policy
is essential.”
Earlier this week, the Bank of Japan signed on to Abe’s plan
to raise inflation to 2%, with the hope of pulling the world’s third largest
economy out of a two-decade slump of deflation.
Since mid-November, Japan’s currency has weakened more than
9% and to a two-and-a-half year low — boding well for Japan’s exporters.
Abe, who served as Japan’s premier from 2006 to 2007, was
sworn back into the office on December 26.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.