Japon Balance Commerciale

Japan recorded a trade deficit of JPY 234.6 billion in September 2025, narrowing from JPY 306.1 billion a year earlier but missing market expectations for a surplus of JPY 22 billion. Exports rose 4.2% year-on-year to JPY 9,413.7 billion, the first increase since April and the fastest growth since February, supported by a weaker yen and a new U.S. trade deal easing tariffs on Japanese goods. Meanwhile, imports increased 3.3% to an eight-month high of JPY 9,648.3 billion, the first gain in three months and well above the expected 0.6% rise. This represented the strongest pace of purchases since January, driven by Tokyo’s measures to stimulate consumption, including fuel subsidies and utility rebates.