MNI BRIEF: Japan January Exports Hit Second Straight Rise

Japan's exports posted the second straight y/y rise in January, thanks to solid exports of automobiles and auto parts, up 11.9% in January, data released by the Ministry of Finance showed on Wednesday.

Exports of automobiles rose 31.6% in January following December's 35.9% gain, while car-part exports rose 22.1% from the previous month's 13.6%.

The data printed largely within the Bank of Japan's forecasts.

Imports fell 9.6% in January, accelerating from December's 6.9% drop, the 10th straight decline.

Japan posted a trade deficit of JPY1.76 trillion, the first deficit in two months, following a surplus of JPY68.9 billion in December.

Exports to China, Japan's largest trading partner, rose 29.2% for the second straight rise following 9.5% in December, due to higher exports of semiconductors and automobiles. Shipments to the U.S. rose 15.6% in January following 20.2% in December. Auto exports to the U.S. rose 32.7% vs. 39.8% the previous month.

MNI reported recently the BOJ was on track to normalise its policy settings at either the March or April meeting. (See MNI INTERVIEW: March Action Chance Rises - Ex-BOJ Sakurai)