Japan exports seen to rise in August
Japan’s exports recorded a six-straight-month expansion in August. The growth was owed to a robust global demand for machinery goods and a contraction in a pandemic-hit economy last year.
Exports were expected to climb to a six-month double-digit gain of 34.0%, based on a Reuters poll of analysts released on Friday.This was lower than a 37.0% increase in July.
Japan saw export resilience despite factory closures and supply problems caused by a more contagious Delta coronavirus variant in Southeast Asia. Japanese carmakers also remain grappling with a global chip shortage.
The country’s wholesale prices were predicted to remain above 10-year highs in August, a result of global commodity inflation and a weak yen.
Chief economist Takeshi Minami of Norinchukin Research Institute said there was an increasing concern on the momentum of the country’s economic rebound, citing China’s disrupted recovery and the Delta variant’s impact on developed nations.