Japanese exports plummet 36% on year


The finance ministry has reported that Japanese exports were down for the 11th consecutive month in August due to a slump in demand from the global economy.

The world’s no. 2 economy saw exports tumble 36% in August compared with the same month last year to 4.5 trillion yen (£29.9 billion).

Meanwhile, imports fell 41% during the month compared with August last year to 4.3 trillion yen.

Finance ministry official Keisuke Kawanishi comments: “Japan’s exports to key regions, including the US and Asia, were all down sharply due to sluggish demand.

“In particular, auto exports nose-dived in the month, pressuring overall exports,“ added the ministry.

Car exports also declined - by 50% during August, while shipments of steel products plunged 43%.

Last week, the Bank of Japan (BoJ) elected to keep interest rates on hold at 0.1% and said it’s possible that a stronger yen will support the economy in the long-term.

Since June, the yen has climbed 6.7% against the dollar.

The economy recently emerged from recession after the economy grew by 0.9% in the second quarter, following four consecutive quarters of contraction.

In related news, Japan’s unemployment rate currently stands at a record high of 5.7%.

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