Japan August exports rise on semiconductors

Japan continued to achieve strong growth in its exports during August, primarily supported by the semiconductor sector and related metal materials, with exports rising by 19.3% year-on-year, surpassing forecasts of 18.2%. Meanwhile, imports surged sharply by 28%, the highest rate since November 2022, driven by rising oil prices which increased import values by 58.7%. The rise in energy costs widened Japan's trade deficit to $7.12 billion, with expectations of ongoing import cost increases due to rising global oil prices, which could put upward pressure on inflation and possibly lead the Bank of Japan to raise interest rates again.

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