Japan sees upbeat exports, machine orders on recovering global demand
An expansion monitored in Chinese demand and manufacturers’ enthusiastic mood boosted Japan’s exports in January. The growth heavily indicates that exports are now on their way to recovery after suffering from the coronavirus drag last year.
Data from the Ministry of Finance showed that the country’s exports recorded an annualized 6.4% increase in January. While the figure came larger than the 6.0% record in December, it was lower than the 6.6% jump expected by analysts in a Reuters survey.
Core machinery orders, which gauge capital spending, surprisingly jumped in December. The jump underscored signs of growth for private sectors even as coronavirus measures hurt business activity.
With Japan’s strong economic figures, the economy is still predicted to decline in the current quarter. This is likely as the reimplementation of COVID-related restrictions is taking a toll on service consumption.