Japan’s exports grew 4.2% in September, according to government data Wednesday, on robust shipments to Asia that offset a decline in exports to the U.S., which were impacted by President Donald Trump’s tariffs.
Japan’s exports to Asia jumped 9.2% last month compared to the same period a year earlier, according to Japanese Ministry of Finance data.
Exports to the U.S. dropped 13.3%, marking the sixth straight month of on-year declines, while those to China surged 5.8% compared to last year.
Auto shipments to the U.S. dropped 24.2% in September. Automakers like Toyota Motor Corp. are pillars of Japan’s economy.
Japan’s imports edged up 3.3% in September overall, growing 6% in Asia, including a 9.8% rise in imports from China.
The findings come a day after Sanae Takaichi was chosen in a parliamentary vote as the nation’s prime minister, becoming the first woman to lead Japan.
She is known for nationalist-leaning conservative views but is also seen as a proponent of bigger public spending, which has sent share prices generally rising in Tokyo in recent sessions.
Takaichi has also promised higher wages, as well as looser monetary policy, which would favor a weak Japanese yen. That would be a boon for the nation’s giant exporters by raising the value of overseas earnings when converted into yen.
