Japan's Exports Continued to Rebound in November

Foreks - Japan's exports recorded another increase in November, aided by the weakness of the yen for exporters, but the underlying trend in trade remained subdued ahead of this week's Bank of Japan meeting. According to data released by the Ministry of Finance, Japan's exports continued to recover thanks to demand for chip-making machines and non-ferrous metals. Exports increased by 3.8% in November compared to the same period last year, following a 3.1% rise in October. Economists had predicted an increase of 2.3% to 2.5%. According to the data, the yen weakened against the dollar in November, trading at an average of 152.83 compared to 150.34 a year earlier. Meanwhile, imports fell by 3.8% year-on-year in November, marking the first decline since March. The country recorded a trade deficit of 117.6 billion yen ($766.1 million) in November. Japan's trade has been in deficit for five consecutive months, but the deficit narrowed in November compared to October. While export values rose, trade is providing limited overall support to the Japanese economy. Demand continues to decline in the U.S. and Europe, while demand in China has increased as the government tries to support growth with aggressive stimulus measures. According to the report, shipments to the U.S. fell by 8%, led by automobiles and pharmaceuticals, while shipments to Europe dropped by 12.5%, also led by automobiles. Shipments to China, on the other hand, increased by 4.1%.