|Japan Exports Plunge to Record Levels|
|by Tom McGregor||Tue, Jun 17, 2014, 10:29 PM|
Japanese Prime Minister Shinzo Abe promised to rescue the national economy by flooding the market with liquidity and devaluing the Japanese yen, but exports are faltering, nevertheless.
The Voice of Russia reports that, "Japan's year-on-year exports declined in May for the first time in 15 months, due mainly to slow demand from the United States and Asian countries, the government said Wednesday, as figures showed nearly two years of trade deficit – reports DPA. The value of exported goods fell 2.7 per cent in May compared to a year earlier, to 5.61 trillion yen (55 billion dollars)."
Additionally, President Barry Obama claimed that the US Economy is strengthening, but despite such claims Japanese exports are dropping due to weak American consumer demand.
According to the Voice of Russia, "Shipments to the US, one of Japan's largest markets, fell 2.8 per cent from a year earlier to 1.01 trillion yen for the first drop in 17 months, the Finance Ministry said. Exports to other Asian countries, including China, declined 3.4 per cent for the first decrease in 15 months, the ministry said. Japan's shipments to Asia accounted for 55 per cent of its total exports in May."
Abenomics could prove disastrous as a weak Yen and exploding government deficits could destroy the Japanese economy.
To read the entire article from the Voice of Russia News, link here:
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