Japan trade deficit narrows but at 14th deficit in August; exports above estimates . . . . . . . . Japan trade balance produced the 14th consecutive deficit last month, official Finance Ministry data showed on Thursday, as shipments rose signaling slightly improved global demand. Exports topped analysts` estimates but imports came in lower than forecasts. The headline trade deficit, however, narrowed to 960,3 billion yen in August from a downwardly revised 1,027 trillion yen, originally reported at 1,023 trillion yen. Forecasts referred to a deficit of a 1,113 trillion yen. Exports rose 14.7% in August compared with 12.2% in the same period last year, higher than the estimated 14.5%. Meanwhile, imports climbed 16.0% in August from a pervious 19.6% in a year earlier, but analysts’ estimates were for a 18.5% rise. The weakness seen recently in the yen value, helped to give Japanese products a competitive advantage and supported the nation`s exports, and that was reflected on today’s better than estimates reading. Imports picked up in a slower pace, along with a slight pickup in domestic demand. The Japanese government is working on enhancing household spending and support domestic demand in order to offset the weakness in the exports sector. The Japanese yen rose versus its American counterpart after the released data, where the USD/JPY pair fell to record a low of 98.156 from a high of 98.272, while the pair started today’s session at 98.175. #egyptyard
Posted on: Thu, 19 Sep 2013 08:40:23 +0000
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