Fall in Japan exports fuels slump fears
Print Edition
JAPAN’S exports fell the most in more than three years in December from a year earlier, stoking fears of economic contraction in the final quarter of 2015 as a slowdown in China and emerging markets takes its toll on the export-reliant economy.
Ministry of Finance data yesterday showed exports fell 8 percent by value in the year to December, down for the third straight month, marking the biggest drop since September 2012.
The volume of exports fell 4.4 percent in December, down for a sixth straight month, a sign that the weak yen aspect of the government’s “Abenomics” policies has struggled to boost exports, even as its value has fallen by more than a third versus the US dollar since Prime Minister Shinzo Abe took office in late 2012.
Exports to China, Japan’s biggest trading partner, fell 8.6 percent in December from a year earlier, down for a fifth straight month, dragged down by shipments of chemicals and electronics parts.
The weak data should keep the Bank of Japan under pressure to act at its two-day review from Thursday, as the collapse in oil prices weighs on inflation expectations while worries over a global slowdown and a stock market rout sap business morale.
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