4:30 PM Tokyo – Japan recorded sixteenth monthly trade deficit in a row and the shortfall nearly doubled from a year ago month in October. Deficit increased to $10.9 billion and exports rose more than expected 18% on 31% rise in automobiles shipments. Imports soared 26.4% on a surge in petroleum products demand.
The Nikkei 225 Stock Average slid 29.21 to 15,097.35 and the Topix fell 3.43 to 1,233.43.
The yen rose to 100.02 against one dollar and extended loss for two days in a row.
Exports Surge 18%, Trade Deficit Doubles
Japan reported its sixteenth monthly trade deficit in a row as fuel imports led a surge in total imports exceeding exports by $10.9 billion in October.
Total exports in the month rose 18% to 6.1 trillion yen or $61 billion and imports rose 26% from a year ago to 7.2 trillion yen or $7.2 billion.
Japan recorded trade deficit of 1.09 trillion yen or $10.9 billion, sixteenth monthly deficit in a row. Trade deficit nearly doubled from 556.2 billion yen from a year ago month.
Petroleum products imports soared in the month by 67.8% and liquefied natural gas imports soared 39.4%.
Exports to China increased 21.3%, to U.S. gained 26.4% and to the European Union advanced 27%. Rising auto sales contributed to the largest gain in exports. Auto exports rose 31.3% from a year ago.
Stocks in Review
Toyota Motor Corp slid 10 yen to 6,290 yen and the car-maker expects to sell its Lexus brand to a record 520,000 units, an increase of 8% growth in this year from a year ago.
Honda Motor Co. rose 5 yen to 4,100 yen. Nissan Motor Co Ltd slid 3 yen to 923 yen.
Sony slipped 18 yen to 1,868 yen.
Softbank Corp rose 10 yen to 7,730 yen. Fast Retailing Co. fell 150 yen to 35,800 yen.
soared 7.5% to 299 yen after the electronic equipment maker considering a tie-up with Hewlett-Packard Co. for original equipment manufacturing (OEM) deal to make copy machines under the Hewlett-Packard brand.
Sharp reported a record loss a year earlier.