Japan logs 378.6 billion yen trade deficit in May, oil imports plunge

Japan logged a trade deficit in May of 378.6 billion yen ($2.4 billion), its first red ink in four months, government data showed Wednesday, with a preliminary report revealing imports of crude oil plunged over 57 percent by volume amid the Middle East conflict.The Finance Ministry data underscored progress in the government's efforts to procure fuel from alternative sources, including the United States, but at a higher cost due to added transportation and insurance fees.Japan purchased crude oil at a record-high price of 114,076 yen per kiloliter, up 67.2 percent from a year earlier, and a…READ FULL ARTICLE