USD/JPY under pressure as Japan exports drops for 23 straight months

Japan’s exports and imports declined in October as the country’s key buyers continued to emerge from the worst recession in decades. In response to the data, forex investors pushed the USD/JPY up to 104.12. Japan exports drop for 23 consecutive months Exports are an essential part of the Japanese economy. Together with private consumption, exports contribute the biggest share to the country’s economy. According to the Ministry of Finance, Japan’s exports fell by 0.2% to ¥6.5 trillion yen in October. In the same month in 2019, the country exported goods worth more than ¥6.57 trillion. This decline was better than