Japan August imports jump as oil prices lift costs, exports stay firm

TOKYO: Japan posted its largest increase in imports in nearly four years in August as higher oil prices lifted energy costs, while exports rose for a 12th month on resilient semiconductor-related demand, government data showed on Wednesday. Total imports by value grew 28% from a year earlier in August, the largest increase since November 2022, Ministry of Finance data showed, as elevated crude oil prices boosted energy imports despite the yen’s spike after a rare joint yen-buying intervention with the United States. That compared with a median market forecast for a 26.3% increase. The trade figures underscore how higher energy prices are swelling import bills and fuelling inflationary pressures, reinforcing expectations the Bank of Japan will raise interest rates at the end of its two-day policy meeting on Friday. Exports by value rose 19.3% year-on-year in August, compared with economists’ median forecast for an 18.2% increase and following a 23.2% rise in July, supported by strong chip-related shipments and higher non-ferrous metal prices. Crude oil import volumes rose 3.6% from a year before, while the total value jumped 58.7%. “Oil import costs could increase further from Septe