Japan’s trade gap widens despite 13-month export growth streak

What happened: Japan's trade deficit widened to JPY 536.6B in September 2026 from JPY 277.7B a year earlier, the fifth consecutive monthly deficit, as imports outpaced exports. Key numbers: Deficit JPY 536.6B vs JPY 277.7B a year earlier; expected shortfall JPY 181B. Imports up 18.9% to JPY 11,508.8B; exports up 16.7% to JPY 10,972.2B. Exports to the U.S. Why it matters: Exports extended their growth streak to 13 months on AI-related semiconductor demand, but both imports and exports came in below forecasts, and crude oil imports surged 51.1% amid Strait of Hormuz tensions. Market: +0.5% today ($95.43), +18.0% YTD, 0.9x vol — as of 22:46 UTC

Japan's trade deficit widened to JPY 536.6B in September 2026 from JPY 277.7B a year earlier, the fifth consecutive monthly deficit, as imports outpaced exports.

Exports extended their growth streak to 13 months on AI-related semiconductor demand, but both imports and exports came in below forecasts, and crude oil imports surged 51.1% amid Strait of Hormuz tensions. Market: +0.5% today ($95.43), +18.0% YTD, 0.9x vol — as of 22:46 UTC