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Japan shares fall as exports mark a tenth monthly decline Japan shares down as exports fall for a tenth month
(about 2 hours later)
Japanese share markets are falling after data showed exports fell for a tenth consecutive month and continue to drag on economic growth. Japanese share markets have fallen after data showed exports fell for a tenth consecutive month and continue to drag on economic growth.
Overseas shipments dropped 14% in July from a year earlier, missing economist estimates for a 13.7% decline. Imports fell 24.7%.Overseas shipments dropped 14% in July from a year earlier, missing economist estimates for a 13.7% decline. Imports fell 24.7%.
Japan's trade surplus shrunk marginally to 513.5bn yen ($5.2bn;£4bn). Japan's trade surplus shrunk marginally to 513.5bn yen ($5.2bn; £4bn).
The benchmark Nikkei 225 opened 0.6% lower to 16,649.91 while the broader Topix index shed 0.7% to 1,302.29.The benchmark Nikkei 225 opened 0.6% lower to 16,649.91 while the broader Topix index shed 0.7% to 1,302.29.
The export and import drops were the sharpest since 2009 and is mostly the result of the stronger exchange rate, according to Capital Economics.The export and import drops were the sharpest since 2009 and is mostly the result of the stronger exchange rate, according to Capital Economics.
"Looking ahead, we expect the yen to weaken against the dollar towards the end of the year, so the annual growth rates of export and import values should start to recover in coming months," its senior Japan economist Marcel Thieliant said."Looking ahead, we expect the yen to weaken against the dollar towards the end of the year, so the annual growth rates of export and import values should start to recover in coming months," its senior Japan economist Marcel Thieliant said.
"But with external demand sluggish, trade volumes are unlikely to stage a strong rebound.""But with external demand sluggish, trade volumes are unlikely to stage a strong rebound."
Other Asian markets are also trading lower after Federal Reserve minutes diminished expectations of an interest rate increase next month. Rest of Asia
Australia's S&P/ASX 200 fell 0.3% and futures indicate lower opens in Greater China. Other markets are also trading lower after Federal Reserve minutes diminished expectations of an interest rate increase next month.
Seoul's Kospi and the Shanghai Composite are both flat.
However, Hong Kong's Hang Seng rose by more than 1%, led by shares of internet giant Tencent which reported better-than-expected profit on Wednesday.
Australia's S&P/ASX 200 fell 0.3% despite data that showed the country's jobless rate fell in July.
The unemployment rate dropped to 5.7% due to an increase in part-time jobs created for last month's national election and subsequent vote count.
Shane Oliver, head of investment strategy and chief economist at AMP Capital called today's data "reasonably solid".
However, the overall jobs market is "not quite as strong as it looks" due to the fall in full-time employment, he said.