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Japan’s record trade deficit adds to sinking consumer confidence and an April consumption tax increase, threatening to undermine Prime Minister Shinzo Abe’s bid to engineer a sustained recovery.

Credit Suisse Group AG on Thursday cut its 2014 economic growth forecast for Japan to 1.6 percent from 2.2 percent, as the government reported a ¥2.79 trillion trade shortfall for January. The full-year deficit for 2013 was an unprecedented ¥11.5 trillion.

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