February 21, 2024
05:37
05:37
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Nikkei down nearly 1% despite exports growth
The Nikkei in Japan is down nearly 1% on Wednesday, despite exports growing more than expected in January. This provides much-needed support for the Japanese economy and keeps the door open for the Bank of Japan to end its negative rate policy. Exports rose 11.9% in January year on year, beating forecasts, but at the same time, imports declined for a 10th consecutive month sliding by 9.6%, and spurred by slides in the prices of coal and natural gas. Japan business sentiment also soured, with confidence tumbling to minus 1 in February, compared with the previous month's reading of 6 - the first negative reading since last April. The data comes less than a week after Japan slid into a technical recession and lost its spot as the third-largest global economy to Germany.
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