Japan Exports Soar to Record High in July

Japan's exports reached a record high in July, driven by resilient global demand. According to data released on Thursday, total exports by value rose 23.2% year-on-year to ¥11.5 trillion ($72.62 billion), exceeding the median market forecast for a 19.9% increase.

This marks the third consecutive quarter of expansion for Japan's economy, with strong exports offsetting weak private consumption and business investment. The trade figures follow separate data showing that Japan's GDP grew in April-June, thanks to robust exports.

The Bank of Japan may use these numbers to support its decision to continue normalizing monetary policy, with a rate hike potentially happening as soon as September. Exports to the US and China saw significant increases, rising 22% and 25.8%, respectively.