Tuesday, 25th October 2011
In Business In Japan,
Exports climb for second consecutive month
Manufacturers in Japan may be enjoying a sigh of relief as it appeared the economy was on the road to recovery following the second consecutive rise in exports since the March 11th disaster.
There was a 2.4 per cent increase in shipments last month from a year earlier, with demand for cars and car parts helping to drive growth, the Finance Ministry revealed yesterday (October 24th).
This was above expectations, with research by Bloomberg suggesting the nation would see growth of a mere one per cent following the 2.8 per cent climb in August.
While analysts welcomed the news, they remained sceptical amid uncertainty in Europe and the US, alongside a surge in the value of the yen, which hit a post-war high.
Senior economist at Dai-Ichi Life research Institute in Tokyo, Yoshiki Shinke, said: "The report provides some relief as it indicates that exports aren't plunging," Business Week quoted.
Last month, it was announced the government granted an additional fund aimed at stifling the strengthening yen.
Posted by Susan Ballion
Related news stories:
Japanese exports rise (27th May 2010)
Japanese exports down in August (24th September 2009)
Japan exports rise 40 per cent (24th February 2010)
Japan's exports slowing in wake of Toyota scandal (23rd February 2010)
Japan's export growth slows (26th November 2010)