This month's featured article
Trade in the Current Economic Crisis
Rolf J. LANGHAMMER Professor, Kiel Institute for the World Economy
Traditionally and for a long time, Japan has been both one of the world's largest external creditors (as measured by its current account surplus) and the world's largest debtor against its own citizens (as measured by the record-high gross government debt/GDP ratio of about 220%). In 2011, the Fukushima shock followed by temporary breakdowns of cross-border supply chains and losses in export revenues together furthered yen appreciation, and rising imports of fuels led Japan for the first time since 1980 into a trade deficit. 2012 will not show a recovery into a surplus. Nor is it expected that the domestic debt situation will visibly improve.
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