Japan July exports rose 23.2% YoY, above the 19.9% forecast, marking the fifth
consecutive months of acceleration and the fastest pace since Oct 2022.
Semiconductor equipment exports jumped 49.1% YoY, attributed to AI-driven
demand. Imports climbed 27.8% YoY (vs. 26.5% expected), the highest since Nov
2022. The trade deficit stood at ¥634.5bn, below the ¥680.0bn forecast but wider
than June’s ¥409.9bn. Petroleum imports surged 87.8% YoY amid higher oil prices
linked to the Iran war.