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
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