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Japan's current
Topic Started: Jun 1 2018, 06:25 AM (15 Views)
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TOKYO, Feb. 8 (Xinhua) -- Japan's current account surplus contacted for the first time in eight months in January owing to a rebound in crude oil prices and a widening trade deficit, the Finance Ministry said Wednesday,


According to the ministry, the surplus in one of the widest gauges of a country's international trade stood at 65.5 billion yen (575 million U.S. dollars) in the reporting period.


Japan has logged a current account surplus for the 31st month in a row, the ministry said.


With the value of goods being imported growing more than those being exported, the goods trade registered a deficit of 853.4 billion yen, the ministry's preliminary data showed. Shipments from Japan may have also been impacted by the Lunar New Year holiday.


Crude oil imports jumped 35.7 percent in the reporting month, while coal imports surged 52.3 percent in value, the ministry's latest report showed.


Japan is still heavily reliant on oil imports, owing to most of the nation's nuclear power stations still being offline following the world's worst commercial nuclear disaster in Fukushima in 2011.


The finance ministry said the surplus in the primary income account, which reflects how much Japan earns from foreign investments, contracted 5.4 percent to 1.27 trillion yen in the recording period.


Japan's primary account reveals the amount Japan earns from its investments made overseas.


Japan's current account surplus, however, is one of the the broadest measure of its trade with the rest of the world and the data is keenly eyed by the Bank of Japan (BOJ) and the finance ministry ahead of new potential policy changes or monetary easing or tapering measures.


In Japan, the current account surplus increases the nation's net foreign assets by the corresponding amount, and a current account deficit does the reverse.


Both the Japanese government and private payments are included in the calculation and it is called the current account because goods and services are generally consumed in the current period.


Positive net sales by Japan abroad generally contributes to a current account surplus and because exports generate positive net sales.


The trade balance is typically the largest component of the current account and a current account surplus is usually associated with positive net exports.


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WASHINGTON, July 15 (Xinhua) -- U.S. President Donald Trump has named attorney Ty Cobb as an in-house "special counsel" for the White House, a statement said Saturday.


A former federal prosecutor, Cobb is expected to handle the legal and media response to probes into an alleged Russian interference into the 2016 U.S. presidential election and a possible collusion by the Trump campaign, a White House source was quoted by U.S. media as saying.


Cobb is a partner at Hogan Lovells, a Washington, D.C.-based law firm, and a fellow of the American College of Trial lawyers, the White House said in the statement.


It was revealed recently that Donald Trump Jr., the eldest son of Trump, met a Russian lawyer during the 2016 campaign after being promised "damaging" information about Hilary Clinton, the Democratic presidential candidate running against his father.


To be what he called "totally transparent," Trump Jr. made public a chain of emails with an intermediary about the meeting that took place on June 9, 2016 at Trump Tower in New York, but was accused of violating the Federal Election Campaign Act by conspiring to solicit a contribution from a foreign national during the campaign.


The eight-person talks reportedly involved Trump's son-in-law Jared Kushner, his then-campaign manager Paul Manafort, and a former Soviet counter-intelligence officer.


Both the former Soviet serviceman, a naturalized American who lobbies for Russian interests in Washington,and the Russian lawyer, also a lobbyist, have denied links to the Russian government, while Kremlin said it does not know the meeting nor the two lobbyists.


The U.S. intelligence community alleged that Russia meddled in the U.S. presidential race last year and there were connections between the Russian government and the Trump campaign.


Federal special counsel Robert Mueller and several congressional panels are investigating those allegations.


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