A few Bank of Japan policymakers pointed out during their meeting last month that structural factors such as firms shifting production abroad could continue to cap exports.
During the July 14-15 meeting, the BOJ Policy Board maintained its assessment that "exports have recently leveled off more or less" but then downgraded this view in the following meeting in August, saying that "exports have shown some weakness."
Even so, the policymakers agreed that Japan's exports are likely to increase moderately down the road, supported by a recovery in overseas economies.