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3d ago

Japan’s December Exports Rise Again as Trade Surplus Shrinks on Import Rebound

Yen depreciation buoyed sales outside the U.S., keeping the Bank of Japan on track to signal further tightening.

A cargo ship carrying containers is seen at an industrial port within Tokyo Port, Japan August 28, 2025. REUTERS/Issei Kato
FILE - A container port is seen from a helicopter in Tokyo, Oct. 29, 2025. (AP Photo/Mark Schiefelbein, File)
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Overview

  • Exports grew 5.1% year over year in December, the fourth straight monthly increase but below the 6.1% consensus.
  • U.S.-bound shipments fell 11.1% from a year earlier as exports to China rose 5.6%, highlighting a split in regional demand.
  • Imports climbed 5.3%, outpacing forecasts and cutting the monthly trade surplus to ¥105.7 billion versus about ¥356.6 billion expected.
  • The government raised its fiscal-year growth forecast to 1.1%, citing support from a weaker yen and a tariff framework with Washington that has had a milder impact than feared.
  • The Bank of Japan lifted its policy rate to 0.75% in December and is expected by analysts to signal readiness for further hikes at its policy meeting ending Friday.