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Japan shares down as exports fall for a tenth month Japan shares down as exports fall for a tenth month
(about 4 hours later)
Japanese share markets have fallen after data showed exports fell for a tenth consecutive month and continue to drag on economic growth. Japanese share markets closed lower after exports fell for the 10th month in a row thanks to a stronger yen.
Overseas shipments dropped 14% in July from a year earlier, missing economist estimates for a 13.7% decline. Imports fell 24.7%. Overseas shipments fell 14% in July from a year ago and imports fell 24.7% leaving Japan's trade surplus at 513.5bn yen ($5.2bn; £4bn). The falls were the sharpest since 2009.
Japan's trade surplus shrunk marginally to 513.5bn yen ($5.2bn; £4bn). The benchmark Nikkei 225 closed 1.6% lower at 16,486.01.
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 yen rose again on Thursday, passing the key 100 level against the US dollar for the third time this year.
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," senior Japan economist at Capital 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."
The yen continued to strengthen on Thursday and passed the key 100 level versus the US dollar for the third time this year.
Rest of AsiaRest of Asia
Other markets are also trading lower after Federal Reserve minutes diminished expectations of an interest rate increase next month. Japan's broader Topix index matched the Nikkei's fall, losing 1.6% to end at 1,290.79.
Seoul's Kospi and the Shanghai Composite are both flat. Other markets are also trading mixed after Federal Reserve minutes diminished expectations of an interest rate increase next month.
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. Seoul's Kospi rose 0.6% to end at 2,054.89. The Shanghai Composite is down about 0.2%.
Australia's S&P/ASX 200 fell 0.3% despite data that showed the country's jobless rate fell in July. 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.
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. Australia's S&P/ASX 200 fell 0.5% to 5,507.80 despite better-than-expected 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.
Shane Oliver, head of investment strategy and chief economist at AMP Capital called today's data "reasonably solid".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.However, the overall jobs market is "not quite as strong as it looks" due to the fall in full-time employment, he said.