Japan records trade deficit as surging global prices pushes imports higher

News Snapshot:

TOKYO (AP) — Japan racked up a 621 billion yen ($4.3 billion) trade deficit in July, as prices of imports surged, according to government data released Wednesday. Japan’s imports grew nearly 17% from a year ago to 10.2 trillion yen ($70.6 billion), while exports grew 10% to 9.6 trillion yen ($66 billion), the Finance Ministry said. Imports grew in meat and other food, as well as iron, underlining a relatively healthy domestic economy, where consumer spending improved amid rising wages. Exports grew to the U.S., China and Brazil, but auto exports continued to suffer amid a scandal involving falsified testing...