Japan posted a trade deficit for a second straight month in August, the Finance Ministry said Wednesday, despite signs of sluggish consumer spending that weighed on imports. Japan’s trade deficit totaled 695 billion yen,

Japan's export growth slowed sharply in August as shipments to the U.S. dropped for the first time in three years, while machinery orders unexpectedly shrank in July in a worrying sign for an economy struggling to mount a solid recovery.

Japanese exports rose at a slower-than-expected pace in August, adding to concerns about the outlook for the global economy.

In 2022, Japan and the UAE signed several agreements focusing on energy security, climate change, and investment in high-tech industries like semiconductors and batteries. The UAE, in turn, has become a key market for Japanese exports, with Japan ranking among the UAE’s top 10 global trading partners.

Japan will start negotiations for an economic partnership agreement with the United Arab Emirates, Prime Minister Fumio Kishida said in a post on X. The conclusion of the pact with the UAE, coupled with another free trade agreement between Japan and the Gulf Cooperation Council that will also be negotiated,