After shutting down nukes, Japan's energy shortages may bankrupt them - record first-half trade deficit for Japan

TOKYO — Japan posted its biggest first-half trade deficit on record, according to government figures released Wednesday, highlighting the economic consequences for this nuclear-averse country of importing fossil fuels to meet its energy needs.

The Finance Ministry reported a 2.92 trillion yen (or $37.3 billion) trade deficit, which reflected not only Japan’s surging need for oil and liquefied natural gas (LNG), but also weakened exports to slumping markets such as Europe and China.

The world’s third-largest economy has averted economic crisis this year largely because of a spike in domestic demand, spurred by reconstruction of the earthquake- and tsunami-devastated northeast.

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