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More than unfortunate
Japan's first annual trade deficit for 31 years reflects an astonishing combination of misfortunes. But some of them will not go away quickly. With its huge debt and continuing deflationary pressure, Japan is poorly placed to deal with a strong yen in a weak world.
That Japan was unlucky in 2011 cannot be doubted. Import spending rose by 12 per cent because Japan had to increase mineral fuel imports
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