Fri. Nov 27th, 2020

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Japan’s export falls drastically

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Japan export

Japan’s exports fell in September at the slowest pace in seven months as U.S.-bound vehicle shipments rose from lows brought about by the COVID-19 pandemic, indicating easing pressure on the world’s third-largest economy.

Fewer exports of iron to Taiwan and ships to Panama left September marking the 22nd consecutive month of export decline, the longest run since the 23-month stretch through July 1987.

To help the economy through the health crisis, the government should compile a third extra budget for the current fiscal year, economists told Reuters last week. The two earlier budgets helped fund $2.2 trillion in economic stimulus, such as cash payments to households and small business loans.

Indeed, Prime Minister Yoshihide Suga plans to order his government to compile another stimulus plan as early as November, to support consumer sentiment at risk from a new wave of COVID-19 infection, local media reported.

The slowing decline in exports adds to other signs of gradual economic recovery such as a pickup in factory output.

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