Japanese exports rose for 14th straight month in January
|Japan reported an uptick in exports for the 14th consecutive month in January, indicating the activity continues to benefit from the improved economic conditions in Europe and Asia.
Exports rose 12.2 percent in January, beating the estimated rise of 10.3 percent, still, the trade balance fell into a deficit of ￥(JPY) 943.4 billion as imports rose 7.9 percent year-on-year. Shipments to Asia climbed 16 percent, while exports to western Europe logged 20.8 percent growth, according to FT report.
The rise in exports is encouraging, however, a more forward-looking indicator named Tankan index shows the rising Yen could play a spoilsport in future. The Reuters Tankan poll released today showed the confidence among Japanese manufacturers worsened significantly in February from January’s strong reading, largely due to Yen's strength and stock market drop.
Reuters report says, "the sentiment index for manufacturers stood at 29 in February, down from the previous month’s 11-year high of 35, the survey conducted Jan. 31 to Feb. 14 found."
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