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Imports surged 27.8% from the same month a year ago to a
seasonally adjusted 12.15 trillion yen ($77 billion).
The war in Iran has sent crude oil prices soaring. Japan, which
imports almost all its oil, previously relieved heavily on oil
imports from the Middle East through the Strait of Hormuz, which
remains effectively closed.
Exports rose 23.2% to 11.51 trillion yen ($73 billion), as auto
exports to the U.S. and other nations remained strong. Shipments
of semiconductors and other electronic devices were also
healthy. Japan’s exports have now grown every month for almost a
year.
By value, both imports and exports rose to the highest levels in
July, since comparable data became available in January 1979,
according to the ministry.
Japan has been seeking alternative sources for energy imports,
including the U.S.
Japan’s central bank has intervened to prop up the currency, but
that has had little lasting impact. The yen’s weakness is
related to larger causes like Japan’s socioeconomic clout, which
has been weakening, analysts say.
The U.S. dollar is trading at about 158 yen lately, lower than
the levels in July, when it cost more than 160 yen, but still
higher than what it was a year ago at 140 yen.
A weak yen can work as a boon for Japan’s giant exporters, like
Toyota Motor Corp., because it boosts the value of overseas
earnings.
Toyota and other exporters have reported hefty earnings
recently, raking in the benefits of the weak yen.
But the weak yen makes raw materials and other essentials such
as food and oil more expensive when purchased abroad.
Analysts increasingly have said Prime Minister Sanae Takaichi's
policies have had minimal effect so far in turning around
Japan’s economy.
Still, she is likely to stay in power, at least for the next
several months, as no election is scheduled and her popularity
with voters remains relatively high.
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