According to the latest figures released, Japan's current account deficit has risen to the level of 1.5tn yen or about $15 billion during the month of January.

Reports also showed that the company's growth forecasts have been revised downwards. Japan's economy recorded a growth of 0.7 per cent in 2013 compared to an earlier estimate of 1 per cent. The country's economy grew by just 0.2 per cent from October to December 2013 compared to an increase of 0.3 per cent estimated earlier.

The slower growth and growing deficit comes just before the government's plan to introduce sales tax increase in the country. Economists had expected the growth to increase during the year 2013 as consumers spent higher than the tax rise.

Japan's economy expanded less than estimated in the fourth quarter while current-account deficit rose to a record high level in January. Gross domestic product grew an annualized 0.7 percent from the previous quarter, according to the Cabinet Office said today in Tokyo. The growth is lower than 1 percent and 0.9 percent median forecast in a Bloomberg News survey of 20 economists.