Japan exports sag at fastest pace since financial downtime on strong yen
In July, Japanese exports slumped at the fastest pace since the global financial downtime with a resurgent yen along with weakness in overseas economies weighing on overseas shipments, thus leaving the national economy and the government more reliant on unsteady domestic demand to drive growth.
The 14% annual slump in exports in July generally matched the median estimate in a Reuters survey of economists and was the fastest drop since October 2009.
Japan's exports have sagged for 10 consecutive months, which is the longest losing streak since losses on American subprime mortgages spurred a global financial meltdown that almost destroyed the American financial system.
Economists tell there’s a surging risk that weakness in exports will remain as global economic uncertainty demonstrates little sign of receding, that could undermine Japanese policymakers' efforts to re-energize the national economy.