The trade deficit, which measures the value of exports minus imports, totaled 5.3 trillion yen ($34 billion), according to government data, as imports ballooned on the back of rising energy costs and growing inflation around the world.

Exports from Japan rose by 2.8% y/y to a new peak of JPY 9,910.60 billion in December 2024, exceeding market forecasts of 2.3% and pointing to the third straight month of growth.  Imports to Japan grew by 1.