Japans exports rose the most in eight months in October, supporting an economy that fell into recession last quarter.
Overseas shipments rose 9.6 percent from a year earlier, the finance ministry said in Tokyo today, compared with the median estimate for a 4.5 percent increase in a Bloomberg News survey. Imports grew 2.7 percent, leaving a trade deficit of 710 billion yen ($6 billion).
Rising exports will provide support for the economy after Aprils sales tax increase pushed Japan into recession. The nation has posted 28 straight monthly trade deficits as energy import costs surged after all nuclear power plants were shut down in the wake of the Fukushima disaster.
Gross domestic product in the July-September quarter shrank an annualized 1.6 percent, putting the worlds third-biggest economy in its fourth recession since 2008 and pushing Prime Minister Shinzo Abe to delay a further sales tax increase.
The yen traded at 118.11 per dollar at 9:03 a.m. in Tokyo, after earlier touching the lowest level since August 2007. The Topix index of stocks opened 0.6 percent higher.
Source : Bloomberg