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Japanese exports fall on strong yen and euro troubles | Japanese exports fall on strong yen and euro troubles |
(about 3 hours later) | |
Japanese exports have fallen again as demand for the country's goods continues to suffer. | Japanese exports have fallen again as demand for the country's goods continues to suffer. |
Overseas shipments fell 4.5% in November from a year earlier, Ministry of Finance data showed. | Overseas shipments fell 4.5% in November from a year earlier, Ministry of Finance data showed. |
The strength of the Japanese yen as well as the ongoing European debt crisis have weighed on external demand. | The strength of the Japanese yen as well as the ongoing European debt crisis have weighed on external demand. |
Meanwhile the Bank of Japan has decided to keep its key interest rate on hold at between zero and 0.1%. | |
'Adverse effects' | 'Adverse effects' |
Japan's economy recovered from a recession that was sparked by the devastating tsunami and earthquake in March. | Japan's economy recovered from a recession that was sparked by the devastating tsunami and earthquake in March. |
However in recent months the boost from recovering supply chains and restored production facilities has started to diminish. | However in recent months the boost from recovering supply chains and restored production facilities has started to diminish. |
Japanese exports came in at 5.2 trillion yen ($66.8bn; £42.6bn) in November, falling for the second straight month. | Japanese exports came in at 5.2 trillion yen ($66.8bn; £42.6bn) in November, falling for the second straight month. |
Imports rose 11.4% to 5.88tn yen, the ministry said. That lead to an expansion in the trade balance deficit to 684.7bn yen. | Imports rose 11.4% to 5.88tn yen, the ministry said. That lead to an expansion in the trade balance deficit to 684.7bn yen. |
Analysts said adding to the problems was the effect of the weakness in the global economy. | Analysts said adding to the problems was the effect of the weakness in the global economy. |
"The adverse effect of the slowdown in Europe through a drop in Europe-bound exports and possible spillover onto demand in Asia has begun to emerge," said Naoki Iizuka from Mizuho Securities in Tokyo. | "The adverse effect of the slowdown in Europe through a drop in Europe-bound exports and possible spillover onto demand in Asia has begun to emerge," said Naoki Iizuka from Mizuho Securities in Tokyo. |
Battling the yen | Battling the yen |
The other challenge that the global economic uncertainty brings is that investors are turning to the yen as a safer investment. | The other challenge that the global economic uncertainty brings is that investors are turning to the yen as a safer investment. |
That has boosted the currency making Japanese exports more expensive overseas. | That has boosted the currency making Japanese exports more expensive overseas. |
The problem is such a concern that the government has intervened in the currency markets to try and reduce the impact. | The problem is such a concern that the government has intervened in the currency markets to try and reduce the impact. |
On Tuesday authorities said they will expand the funds available for more currency interventions in the future. | On Tuesday authorities said they will expand the funds available for more currency interventions in the future. |