24.10.201601:47:00UTC+00​Japan September Exports Drop as Yen Strengthens

Japan's exports marked its 12th consecutive month of year-on-year decline as it fell 6.9% September, following a 9.6% drop in August as the strong yen eroded export prices. However, a reported increase in shipping volume eased some concerns as it pointed to a possible increase in demand.

Official data issued by the Ministry of Finance showed exports was weighed down by vehicle shipments bound for the U.S., China-bound shipments of electronic parts and steel exports. Shipments to Asia and the U.S. both fell 8.4% and 8.7% respectively, while exports to the European Union edged up by 0.7%.

Despite the dismal figures, the outcome was still better than the average forecast by analysts of a 10.4% decline as the yen's 16% gains against the U.S. dollar year-on-year hit the value of exports.

Meanwhile, export volumes rose 4.7% in September from a year earlier, the fastest advance in almost two years and notching the second month of increase.