Japan’s exports rose more than expected last month, a sign shipments withstood weakening global growth before the yen climbed to a postwar high that prompted officials to pledge “decisive” steps today to stem its gains.
Shipments increased 2.4 percent in September from a year earlier as demand for cars and auto parts rose, the Ministry of Finance said in Tokyo today. The median estimate of 26 economists surveyed by Bloomberg was for a 1 percent increase after a 2.8 percent gain in August. The nation posted a trade surplus of 300 billion yen ($3.9 billion).
Exports have rebounded as companies including Toyota Motor Corp. restored production after the March 11 earthquake and tsunami damaged factories and caused parts and power shortages. Japanese Finance Minister Jun Azumi and Chief Cabinet Secretary Osamu Fujimura both signaled today Japan is ready to intervene in the currency market to stop a yen appreciation to post-World War II highs that may stunt shipments as overseas demand slows.
“The report provides some relief as it indicates that exports aren’t plunging,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo. Still, “we can’t be bullish about the outlook of exports given slowdowns in the U.S., Europe and emerging nations such as China.”
The yen traded at 76.24 against the dollar at 4:22 p.m. in Tokyo. It rose to a postwar record of 75.82 on Oct. 21, and has strengthened more than 6 percent against its U.S. counterpart this year. The Nikkei 225 (NKY) Stock Average advanced 1.9 percent as commodity producers gained on higher oil and metal prices.
