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TOKYO (AP) — Japan’s exports grew 4.2% in September, according to government data Wednesday, on robust shipments to Asia that offset a decline in exports to the U.S., which were impacted by President Donald Trump’s tariffs.
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Japan’s exports to Asia jumped 9.2% last month compared to the same period a year earlier, according to Japanese Ministry of Finance data.
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Exports to the U.S. dropped 13.3%, marking the sixth straight month of on-year declines, while those to China surged 5.8% compared to last year.
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Auto shipments to the U.S. dropped 24.2% in September. Automakers like Toyota Motor Corp. are pillars of Japan’s economy.
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Japan’s imports edged up 3.3% in September overall, growing 6% in Asia, including a 9.8% rise in imports from China.
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The findings come a day after Sanae Takaichi was chosen in a parliamentary vote as the nation’s prime minister, becoming the first woman to lead Japan.
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She is known for nationalist-leaning conservative views but is also seen as a proponent of bigger public spending, which has sent share prices generally rising in Tokyo in recent sessions.
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Takaichi has also promised higher wages, as well as looser monetary policy, which would favor a weak Japanese yen. That would be a boon for the nation’s giant exporters by raising the value of overseas earnings when converted into yen.
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Takaichi faces an uphill battle in realizing her policies because the ruling Liberal Democratic Party, even with coalition partners, does not have a majority in either house of parliament. Her own party remains divided.
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Trump, who is expected to visit Japan later this month to meet with Takaichi, announced a trade framework with Japan in July that placed a 15% tax on Japanese goods.
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At that time, Japan promised to invest $550 billion into the U.S. and open its economy more to American automobiles and rice. The 15% tax on imported Japanese goods was a significant drop from the 25% rate that Trump had said earlier.
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