TOKYO, Dec 17 (NNN-NHK) – Japan recorded a trade surplus of 322.3 billion yen (2 billion U.S. dollars) in November, government data showed today, bolstering expectations for a Bank of Japan (BOJ) rate increase, later this week.
Japan’s exports rose for a third straight month in November, up 6.1 percent year-on-year, the Finance Ministry said in a preliminary report, as shipments to the United States rebounded for the first time in eight months.
Imports grew 1.3 percent year-on-year in November, compared with market forecasts for a 2.5 percent increase.
Japan’s economy contracted in the third quarter, after exports weakened, amid the impact of U.S. tariffs. Sentiment has improved following a U.S.-Japan trade agreement formalised in September, which set a baseline 15 percent tariff on nearly all U.S. imports from Japan, down from earlier proposed rates of 27.5 percent, on autos and 25 percent on most other goods.
With tariff concerns easing, the BOJ is widely expected to raise its short-term policy rate to 0.75 percent, from 0.5 percent, later this week, though the pace of future rate hikes remains uncertain.– NNN-NHK