Japan exports grow at fastest pace since 2022 on chip demand, cars and weak yen

Japan's export growth has accelerated to the fastest pace since 2022, fueled by robust demand for chips and cars as well as a yen that has weakened to a 40-year low against the dollar.

The value of exports rose 23.2% in July from a year earlier, accelerating from a 19.3% gain in June, the Finance Ministry reported Thursday. The result compared with economists' median forecast of a 20.1% increase. It was the fastest advance since October 2022.

Imports rose 27.8%, faster than the previous month's 25.4% gain and economists' estimate of a 25.1% increase. The trade deficit widened to ¥634.5 billion on an unadjusted basis from a revised ¥409.9 billion deficit in June, marking a third straight month in the red.

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