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He said pressure to import energy will continue to weigh heavily on Japan for the next year, but will subside as the country pursues greater efficiency measures. Much of Japan's oil and natural gas is imported from the Middle East, with which Japan had a 10.88 trillion yen trade deficit last year, up 33 percent, figures showed. Japan still has a trade surplus with the U.S., although that is shrinking. For 2011, exports exceeded imports by 4.10 trillion yen ($52.6 billion), down 8.2 percent from a year earlier. Exports to the U.S. declined 2.8 percent to 10.02 trillion yen during the year, while imports inched up 0.2 percent to 5.9 trillion. Japan had a 1.57 trillion yen trade surplus with China for the year. A breakdown of figures showed a trade deficit with mainland China, but a big surplus with Hong Kong. Trade with Germany was fairly balanced last year as imports grew nearly 10 percent to 1.86 trillion yen. Exports came to 1.87 trillion yen, giving Japan a relatively small trade surplus of 16 billion yen. The turmoil in Europe and the U.S. has driven up the yen as global investors flock to the currency as a relative safe haven. The yen hit multiple historic highs against the dollar, and touched a record against the euro earlier this month as well. The yen is trading at around 78 to the dollar recently, a level that is extremely painful for exporters. Five years ago, the dollar was trading above 120 yen. Matsumura believes that Japan will likely log another trade deficit this year amid prospects for high energy prices and a persistently strong yen, but that renewed strength in the global and Asian regional economies could put Japan back into the black in 2013.
[Associated
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