Exports fell for the seventh consecutive month in April as the yen strengthened, underscoring the growing challenges to Prime Minister Shinzo Abe's efforts to revive economic growth.
Overseas shipments declined 10.1 percent in April from a year earlier, the Finance Ministry said Monday. The median estimate of economists surveyed by Bloomberg was for a 9.9 percent drop. Imports fell 23.3 percent, leaving a trade surplus of ¥823.5 billion, the highest since March 2010.
Even after coming off an 18-month high earlier this month, the yen has gained 9 percent against the dollar so far this year, eroding the competitiveness of the nation's products overseas and hurting the earnings of exporters. Concern about the impact of the yen was on show over the weekend as Finance Minister Taro Aso and his U.S. counterpart, Treasury Secretary Jack Lew, disagreed over the seriousness of recent moves in the foreign-exchange market.