A surge in car shipments spurred Japanese exports to their biggest annual increase in three years in October, suggesting a gradual pick up in global demand will help underwrite a sustainable recovery in the world's third-largest economy.
The 18.6 percent increase in exports in the year to October blew past the median market forecast for a 16.5 percent rise and accelerated from a 11.5 percent gain in September, data by the Ministry of Finance showed on Wednesday.
Significantly, exports also rebounded in volume terms, rising 4.4 percent from a year earlier, in a sign the global economy is gradually picking up mainly on strength in advanced nations.
Sluggish exports have been a source of concern for policymakers as shipment volume has struggled to pick up despite a weak yen this year due to slowdown in emerging economies, which faced capital outflows on expectations the U.S. Federal Reserve would soon rollback its massive monetary stimulus.
While the yen has fallen around 14 percent against the dollar in 2013, exports growth has largely disappointed early expectations.
Source: Reuters
