Steven,
I don't think the Japanese are ready to consume. If the yen continues to weaken, I wonder how long can China hang on to the yuan, not to mention the Korean Won.
Ramsey
nni.nikkei.co.jp
Monday, February 22, 1999
Trade Surplus Shoots Up 87% In Jan On
Higher Yen: MOF
TOKYO (Nikkei)--Japan's trade surplus rose for the second straight
month in January, climbing a sharp 87.0% from a year earlier to
760.3 billion yen, as the yen's appreciation exaggerated a drop in
the value of imports, the Ministry of Finance said Monday in
releasing preliminary figures for the month. Though export value
also dropped, a significant decline in imports of crude oil and other
goods amid weak domestic demand and the stronger yen eclipsed
the slide in shipments overseas.
Exports skidded 10.6% to 3.45 trillion yen for the fourth consecutive
month of year-on-year decline. Shipments to the U.S. dropped
13.6% for the third straight month of decline on sluggish exports of
computer parts and other office equipment. U.S.-bound steel
exports plunged 28.7%.
Exports to European Union nations edged 1.4% lower, the first fall
in 25 months, on the lackluster performance of notebook personal
computers and copiers. Shipments to Asian countries dropped for
the 13th month in a row, by 9.4%, dragged down by flagging
demand for microchips and automobiles.
Imports declined 22.1% to 2.68 trillion yen, for the 13th straight
month of decline. The largest fall in import value since February
1987 w as blamed on a 14.7% year-on-year strengthening of the
yen against the dollar. In terms of volume, imports dipped only
2.2% from a year before.
Imports of crude oil plunged 49.2% due to the yen's upturn and
lower prices. The customs-clearance price of crude oil in January
was 8,143 yen per kiloliter, the lowest since 1974 and 46% less
than a year earlier.
(The Nihon Keizai Shimbun Monday evening edition) |
