Japan's export growth rate declined slightly in August, but remained high, driving overall growth in exports to the US. Japan's Ministry of Finance released data on Wednesday. Exports increased 19.3% year over year, lower than the 23.2% increase in July; the result was higher than economists' median estimate of 18.4%. Imports increased 28% year over year, higher than economists' estimate of 26.3%. The unseasonally adjusted trade deficit widened to 1.1 trillion yen. The deficit after the July correction was 638.3 billion yen. The trade deficit has been in place for four consecutive months. The report released on Wednesday highlighted the impact of market fluctuations on the trade balance. Oil prices remained relatively high in August. The average price of Brent crude oil was about 88 US dollars per barrel, and the yen exchange rate continued to fluctuate around 160 yen per US dollar, driving up the amount of crude oil imported from Japan. Affected by increased attacks on the Strait of Hormuz and continuing tension between the US and Iran, the price of Brent crude oil surpassed $100 per barrel last week. Since September, the yen has appreciated more than 3% against the US dollar, making it the best-performing currency in Asia during the same period. According to export destinations, exports to the US increased by 24.9%, exports to China increased by 20.6%, and exports to Europe increased by 11%.

Japan's export growth rate declined slightly in August, but remained high, driving overall growth in exports to the US. Japan's Ministry of Finance released data on Wednesday. Exports increased 19.3% year over year, lower than the 23.2% increase in July; the result was higher than economists' median estimate of 18.4%. Imports increased 28% year over year, higher than economists' estimate of 26.3%. The unseasonally adjusted trade deficit widened to 1.1 trillion yen. The deficit after the July correction was 638.3 billion yen. The trade deficit has been in place for four consecutive months. The report released on Wednesday highlighted the impact of market fluctuations on the trade balance. Oil prices remained relatively high in August. The average price of Brent crude oil was about 88 US dollars per barrel, and the yen exchange rate continued to fluctuate around 160 yen per US dollar, driving up the amount of crude oil imported from Japan. Affected by increased attacks on the Strait of Hormuz and continuing tension between the US and Iran, the price of Brent crude oil surpassed $100 per barrel last week. Since September, the yen has appreciated more than 3% against the US dollar, making it the best-performing currency in Asia during the same period. According to export destinations, exports to the US increased by 24.9%, exports to China increased by 20.6%, and exports to Europe increased by 11%.