Japan Exports Surge to New Monthly Record in July

Japan's exports reached a new monthly record in July, growing by 23.2% year-over-year to ¥11.5 trillion (US$72.62 billion). This strong performance exceeded market forecasts of a 19.9% increase.

The data follows a separate report this week that showed Japan's economy expanded for the third consecutive quarter in April-June, driven by resilient exports and offsetting weak domestic demand.

The Bank of Japan may consider continuing to normalize monetary policy based on these trade figures, with a potential rate hike as soon as September. Exports to the US rose 22% from a year earlier, while shipments to China increased by 25.8%.