One Turn
Japan's export growth slows as energy costs double trade deficit
Japan's exports grew 16.7% in September, below expectations, while imports rose 18.9%. The April-September trade deficit nearly doubled from a year earlier to $17.8 billion as energy imports grew more expensive due to the Hormuz crisis.
Why it matters
Higher energy import bills weigh on the yen and Japan's trade balance.
Background
Japan imports nearly all its oil and gas, much of it from the Middle East. The Bank of Japan is expected to hold rates at its October 30 meeting.
The story so far
- Pakistan's growth slows to 2% as Hormuz crisis hits industry
- Japan's export growth slows as energy costs double trade deficit
Sources
- CNBC ↗Oct 20, 8:44 PM ET
- OilPrice ↗Oct 21, 9:30 AM ET
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