MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M
MNI (TOKYO) - The Bank of Japan's real export index, calculated using Ministry of Finance trade data, fell 4.9% m/m in October for the first drop in four months following an unrevised 4.0% rise in September, data released by the BOJ showed on Wednesday.
The figures were calculated by MNI based on BOJ data and confirmed by bank officials. The BOJ will release details of the index on Monday.
Japan’s exports posted the first year-on-year rise in two months in October, up 3.1% following September's 1.7% drop, thanks to higher semiconductor manufacturing equipment and median products shipments, Ministry of Finance data showed earlier today.
But exports to the U.S. fell 6.2% for the third straight drop following -2.4% in September, indicating slowing demand despite the economy holding firm.
BOJ officials are focused on the evolving exports to the U.S. as it holds the key for Japanese exports to rise amid slowing China and eurozone economies. (See MNI BOJ WATCH: Ueda Opens Door To Dec Hike, Eyes U.S., Mkts)