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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.
Auto shipments to the U.S. dropped 24.2% in September.
Automakers like Toyota Motor Corp. are pillars of Japan's
economy.
Japan’s imports edged up 3.3% in September overall, growing 6%
in Asia, including a 9.8% rise in imports from China.
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.
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.
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.
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.
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.
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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