TOKYO – Japan's exports fell for the fifth straight month in July as the country contends with a strong yen and the ongoing impact of the March earthquake and tsunami.
Exports fell 3.3 percent from a year earlier to 5.78 trillion yen ($75.6 billion), the government said Thursday.
Exports are a key driver of the world's No. 3 economy, and the country is hoping that overseas demand will help it bounce back from the March 11 disaster. Data earlier this week showed that Japan's economy is still mired in recession, shrinking for the third straight quarter in the April-June period.
The earthquake and tsunami damaged or destroyed factories in northeast Japan, which led to serious parts shortages for manufacturers in the auto and electronics industries. While the country has made progress in restoring production, it now faces new threats.
A surging yen, which has recently tested record highs against the dollar, is painful for Japan's exporters. It reduces the value of their foreign earnings and makes Japanese goods more expensive in overseas markets.
The yen is hurting the bottom lines of companies like Nintendo Co., which makes 80 percent of its sales outside of Japan. It is also forcing manufacturers like Panasonic Corp. and Hitachi Ltd. to consider shifting more production overseas.
Japan intervened in currency markets earlier this month to try to reverse the yen's climb. The decision to sell the yen and buy the dollar worked initially, sending the greenback toward 80 yen. But the dollar has been weighed by the dimming outlook for U.S. economy and is back down to mid 76-yen levels.
Monetary authorities could turn to intervention again if the yen continues to strengthen.
The country's top financial diplomat, Takehiko Nakao, on Thursday blamed speculators for the yen's sharp gains and described recent moves as "violent."
"We remain alert," said Nakao, the vice finance minister for international affairs, according to Kyodo News agency.
Along with foreign exchange pressures, Japanese exports are feeling the strain of a lethargic global economy, particularly in the U.S. and Europe.
Shipments to the U.S. fell 8.2 percent in July, while those to China were down 1 percent. Exports to the European Union rose 6 percent.
Motor vehicle exports to the world fell 3.8 percent in value terms, and electrical machinery shipments declined 8.3 percent.
The finance ministry said imports in July rose 9.9 percent to 5.71 trillion yen, resulting in a trade surplus of 72.5 billion yen.
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