TOKYO--Japanese exports rebounded in September, growing 6.9%
from a year earlier, the finance ministry said Wednesday, helped by
the yen's descent in the reporting month and a surge in output
among suppliers of Apple Inc.'s new smartphones.
But the nation's trade deficit still edged up 1.6% to Y958.3
billion from a year earlier, the first increase in three months.
That compared with a median forecast for a Y768 billion deficit in
a survey of economists by The Wall Street Journal and the
Nikkei.
While a weaker yen helps inflate the value of Japan's exports it
also increases the bill for imports, which rose 6.2% in September.
A large increase in natural gas imports also pushed up the import
figure, ministry data showed.
In September, the Japanese currency fell to a six-year low close
to Y110 to the dollar.
The record 27th straight monthly trade shortfall comes amid a
severe shortage of manual labor in Japan and continued off-shoring
by Japanese multinationals--a trend that some economists say gives
Prime Minister Shinzo Abe's efforts to boost the economy through a
weaker yen may only a limited effect.
The lengthy deficit run also reflects Japan's energy woes. The
nation's nuclear power plants have been kept off-line as a result
of the 2011 Fukushima nuclear accident, leaving the country reliant
on fossil fuel for 90% of electricity generation, up from around
60% prior to the accident.
Japan's trade data followed upbeat trade figures from China and
South Korea earlier in the month. For the month of September, China
reported a 15% jump in exports and a 7% rise in imports. South
Korea said its exports and imports grew 7% and 8%, respectively.
Both countries import Japanese electronics components and produce
smartphones and other electronics devices for exports
worldwide.
The global outlook remains far from rosy, however. Earlier this
month, the International Monetary Fund reduced its global growth
forecast to 3.8% from 4.0% for 2015, compared with 3.3% growth
projected for this year, amid sluggish growth in the eurozone and
Japan.
Write to Mitsuru Obe at mitsuru.obe@wsj.com
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