Japan's exports rose in March at their slowest pace in almost three years as shipments to Asia lost momentum and the U.S. slowdown deepened.
Exports, the driver of more than half the economy's fourth-quarter expansion, rose 2.3 percent from a year earlier, the Finance Ministry said Wednesday. The pace was slower than February's 8.7 percent and the 6.2 percent median estimate of 19 economists polled by Bloomberg News.
The U.S. housing recession caused shipments to Japan's largest market to fall for a seventh month, the longest losing streak in four years. The yen's gain to a 12-year high against the dollar exacerbated the declines. Shipments to China grew at the slowest pace since June 2005, indicating the effects of the U.S. slump may be spreading.