Japan's Finance Ministry said Wednesday the global recession had pushed its trade balance account surplus down 50.2 percent from a year ago. The account is linked to worldwide economies, as it shows how much Japanese currency foreign investors are buying to conduct business in Japan. After posting new records each year from 2002 through 2007, the account has fallen to the lowest level since 1985, Kyodo news reported. The balance also reflects the sharp drop in Japanese exports that has come with a downturn in demand from Europe and the United States. Atsushi Matsumoto at Mizuho Research Institute said exports will slowly recover from this fiscal year. A big surplus is unthinkable.

South Korea's current account fell short in January due to a sharp decline in exports, the Bank of Korea said. The current account, which measures trade, service and investment transactions between South Korea and other markets, reached a $1.36 billion deficit in January, a sharp about face from December's surplus of $860.8 million, Yonhap reported Friday. The deficit has already impacted currency rates with the won hitting an 11-year low against the U.S.

U.S. current account deficit shrinks to 178.5 billion dollars WASHINGTON, Dec. 17 (Xinhua) -- The U.S. current account deficit narrowed in the third quarter to 178.5 billion dollars from 188.9 billion in the previous quarter, the Commerce Department reported Monday.

By Jeannine Aversa Associated Press WASHINGTON -- The United States and other countries must work together to right a skewed pattern of trade and investment around the globe, a move that would help worldwide economic stability, Federal Reserve Chairman Ben Bernanke suggested Tuesday.

By Martin Crutsinger AP economics writer WASHINGTON -- America's trade deficit shot up to an all-time high in the summer, reflecting a huge jump in the bill for foreign oil.