Japan posted two straight years of export gains in February, led by solid U.S.-bound shipments of cars, although expectations of a strong recovery in demand are quickly fading amid global monetary tightening and worries about banks worldwide.
Imports rose 8.3%, versus the median estimate for a 12.2% increase, resulting in a trade deficit of 897.7 billion yen . The yen's 13.5% depreciation versus the dollar made the costs of energy imports even higher.The Japanese economy narrowly averted a recession in the final months of 2022, as consumption remained weak while exports were hampered by slowdown in global growth.
"Chances are 50-50 that Japan may slide into recession," said Takeshi Minami, chief economist at Norinchukin Research Institute. The data released on Thursday showed core machinery orders rose 9.5% in January from a month earlier, the biggest rise in more than two years.
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