Exports dip widens Japan's deficit
Source: Agencies |
October 23, 2012, Tuesday
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JAPAN'S trade deficit widened in September as exports plunged 10.3 percent from a year earlier, weighed down by Europe's debt crisis and a surge in antagonisms with China that have damaged close economic ties.
The deficit for the month was 558.6 billion yen (US$7.2 billion), Japan's Finance Ministry said yesterday, higher than the forecasts of many analysts and bigger than a deficit of about US$3.7 billion a year earlier. The gap in August was US$9.6 billion.
The world's third-largest economy is "leveling off," central bank Governor Masaaki Shirakawa told a quarterly meeting of the bank's regional managers. He warned that the risk of shocks to the financial system from the debt crisis in Europe remains high and slowing global growth is hitting manufacturing and exports.
With the risk of recession rising, the Bank of Japan needs to convince markets it will do anything to pull the economy out of its two-decade old malaise, said Matthew Circosta, an economist with Moody's Analytics in Sydney.
Instead of sporadic monetary easing, "they need to make it sustained and powerful," he said. "They've just got to be more aggressive than they are now."
Many expect the BOJ to opt for further easing soon, perhaps as early as the next board meeting, on October 30.
September's exports totaled 5.4 trillion yen. Imports rose 4 percent from a year earlier to 5.9 trillion yen, inflated by extra imports of oil and other fuels for power generation as most nuclear reactors remain shut in the aftermath of last year's Fukushima nuclear disaster.
The deficit for the month was 558.6 billion yen (US$7.2 billion), Japan's Finance Ministry said yesterday, higher than the forecasts of many analysts and bigger than a deficit of about US$3.7 billion a year earlier. The gap in August was US$9.6 billion.
The world's third-largest economy is "leveling off," central bank Governor Masaaki Shirakawa told a quarterly meeting of the bank's regional managers. He warned that the risk of shocks to the financial system from the debt crisis in Europe remains high and slowing global growth is hitting manufacturing and exports.
With the risk of recession rising, the Bank of Japan needs to convince markets it will do anything to pull the economy out of its two-decade old malaise, said Matthew Circosta, an economist with Moody's Analytics in Sydney.
Instead of sporadic monetary easing, "they need to make it sustained and powerful," he said. "They've just got to be more aggressive than they are now."
Many expect the BOJ to opt for further easing soon, perhaps as early as the next board meeting, on October 30.
September's exports totaled 5.4 trillion yen. Imports rose 4 percent from a year earlier to 5.9 trillion yen, inflated by extra imports of oil and other fuels for power generation as most nuclear reactors remain shut in the aftermath of last year's Fukushima nuclear disaster.
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