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Japan's trade deficit improves only marginally in July- BNP Paribas

FXStreet (Łódź) - Raymond Van Der Putten, economist at BNP Paribas, comments on the Japanese July Trade deficit s.a. data, which narrowed slightly to JPY 1024 billion from JPY 1068 billion.

Key quotes

"Despite their rebound in July, exports have remained rather sluggish due to stagnant world trade and the offshoring of production capacity."

"Imports have weakened substantially in recent months due to the sharp decline in consumer spending after the consumption tax hike in April."

"The huge deficit is partly related to the increase in imports of fossil fuels since the halting of the nuclear power plants after the earthquake and tsunami in March 2011. In the short-term, this should not be a problem, as Japan is world’s largest creditor."

"The Japanese government hopes to reduce the trade deficit by restarting some nuclear reactors."

"Moreover, the government’s structural reform programme – the so-called third arrow – should strengthen Japan’s industrial base."

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