Oddbean

Weak yen pushes Japan's exports to grow at fastest rate since Nov. 2022 ========== Japan's exports grew by 13.5% in May, the fastest rate since November 2022. The trade deficit totaled 1.22 trillion yen ($7.7 billion), down nearly 12% from a year earlier. Imports grew 9.5% to nearly 9.5 trillion yen ($60 billion). Exports totaled 8.3 trillion yen ($53 billion) and grew at the fastest rate since November 2022. Shipments to the United States were up nearly 24% and those to the rest of Asia rose more than 13%. Trade with Europe mostly fell. The value of Japan's imports tends to grow when the Japanese yen loses value against the U.S. dollar and other major currencies. Japan is a resource-poor nation that imports almost all its oil, and higher imports of oil, gas, and other fuels are a big factor behind the deficit in May. Rising prices overall inflated the value of both exports and imports. Trade with China has been reviving, and shipments of machinery, manufacturing components, and vehicles showed strong growth. The weak yen's impact on inflation was debated by the Bank of Japan's decision makers. The fear for Japan is deflation, and the central bank has been trying to set off a gradual rise in prices. #Japan #Exports #TradeDeficit #Imports #WeakYen #Us #Asia #Europe #China #Inflation #Deflation #BankOfJapan https://fortune.com/asia/2024/06/19/japan-exports-may-grew-fastest-rate-since-november-2022-weak-yen/