Japan’s imports hit record highs on surging energy prices

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s exports and imports both reached record highs in December, largely because of surging oil prices and a weaker yen. Japan’s imports last month surged 41% from the same month a year earlier. Exports rose 17.5% from the previous year, on stronger shipments of autos and computer chips. The Finance Ministry says imports have now risen for 11 months straight, while exports have risen for 10 consecutive months. The price of oil and natural gas have soared recently exaggerating the dollar value of the oil and gas imports that keep the economy running. The weak yen, while a boon for Japan’s exports, also makes imports more expensive.