2024-02-21 02:56:08 ET
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Japan's trade deficit narrowed sharply to JPY 1,758.311 billion in January 2024 from JPY 3,506.43 billion in the same period of the prior year, compared with market consensus of a gap of JPY 1,925.9 billion.
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Exports from Japan rose by 11.9% y/y to JPY 7,332.65 billion in January 2024, beating market forecasts of 9.5% and quickening from a 9.7% growth in December, marking the strongest increase in shipments since November 2022.
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Imports to Japan shrank 9.6% y/y to JPY 9,090.97 billion in January 2024, compared with market estimates of an 8.4% drop and a 6.9% fall in December. This was the 10th month of decline, due to lower energy cost.
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In 2023, Japan logged a trade deficit of JPY 9.29 trillion, the third straight year of shortfall.
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Currency: ( USD:JPY )
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More on Japan economy:
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Japan's manufacturing PMI shrinks for 8th month amid weak production and new order inflows
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Japan's industrial output rises 1.8%; retail sales miss forecast in December
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Japan's manufacturing shrinks for an eighth consecutive month amid weak demand
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Bank of Japan keeps negative interest rate unchanged, trims 2024 inflation forecasts
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Japan's trade deficit narrows as exports grow more than expected in January