The Ministry of Finance released its trade data for Japan on the late Wednesday evening. Japan's trade deficit turned into a deficit of ¥645.9 billion in January from a surplus of ¥140.0 billion in December.

Analysts had expected a deficit of ¥680.2 billion.

Exports fell 12.9% year-on-year in January, while imports dropped 18.0%.

Exports to Asia declined by 17.8% year-on-year in January, exports to the United States decreased by 5.3%, while exports to the European Union fell by 3.6%.

Imports from Asia plunged by 12.0% year-on-year in January, imports from the United States declined by 9.7%, while imports from the European Union climbed by 6.0%.