By Makiko Yamazaki
TOKYO, Jan 22 (Reuters) – Japan’s exports rose for a fourth straight month in December, government data showed on Thursday, as slower shipments to the U.S. were offset by strong demand elsewhere as well as by a boost to sales from the yen’s decline.
Total exports by value rose 5.1% year-on-year in, data showed, less than a median market forecast for a 6.1% increase and after a 6.1% rise in November.
Exports to the United States fell 11.1% in December from a year earlier, while those to China were up 5.6%, the data showed.
Imports grew 5.3% in December from a year earlier, compared with market forecasts for a 3.6% increase.
As a result, Japan ran a trade surplus of 105.7 billion yen ($667.13 million), compared with the forecast of a surplus of 356.6 billion yen.
Japan’s export performance has been bolstered by the yen’s depreciation, a firm U.S. economy and a September trade agreement with Washington that set a baseline 15% tariff on nearly all goods.
While U.S.-bound exports fell in December, the impact from U.S. tariffs overall has proven milder than expected.
That led the Japanese government to revise its economic growth forecast for the fiscal year through March to 1.1%, up from an earlier 0.7%.
Amid easing concerns over trade frictions, the Bank of Japan raised its policy rate to a 30-year high of 0.75% in December.
The central bank is expected to signal its readiness for further rate hikes at its two-day policy meeting ending on Friday, as recent yen falls and prospects of solid wage gains keep policymakers alert to containing inflationary pressure.
($1 = 158.4400 yen)
(Reporting by Makiko YamazakiEditing by Shri Navaratnam)