Japan's trade deficit falls below expectations

Japan’s trade deficit narrowed less than expected in November, despite commodity prices holding steady, and the yen’s depreciation continued to weigh on imports. Japan’s imports rose 30.3 percent from a year earlier, while exports rose 20 percent, largely in line with expectations. Economists had expected imports to rise 27 percent in November. Crude oil and coal led the way, while exports were boosted by automobiles, construction and mining machinery. Japan’s year-to-date trade deficit has reached 18.5 trillion yen. The previous record for the trade deficit was set in 2014 at 12.8 trillion yen. Exports to China rose only 3.5 percent in November, while exports to the U.S. rose 32.5 percent and to the EU 32 percent. Excluding China, exports to Asia grew 11.6 percent.