Japan October exports, core CPI seen falling again on strong yen
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
A laborer works in a container area at a port in Tokyo, Japan, March 16, 2016. REUTERS/Toru Hanai
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
By Kaori Kaneko
TOKYO (Reuters) - Japan's exports likely fell for a 13 straight month in October, while core consumer prices probably slipped for a eight month in a row due to a strong yen, a Reuters poll showed on Friday, casting doubt on hopes for a sustainable economic recovery.
Exports were expected to have declined 8.6 percent in the year to October while imports may have fallen 16.3 percent, according to the poll of 21 economists.
That would result in a trade surplus of 615.4 billion yen ($5.56 billion) in October, the poll showed, up from a revised 497.6 billion yen surplus the previous month.
"Looking at the recent volume of exports, they are not so bad but a strong yen is weighing on the value of exports and exporters' profits," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.
"An inventory adjustment overseas has progressed which is helping business confidence. So if export data shows a solid tone, it will likely support a view that confidence will pick up," he said, adding that recent falls in yen would help corporate profits.
The yen was trading around 110.60 yen
The finance ministry will release the trade data at 8:50 a.m. Nov. 21 (2350 GMT Nov. 20.)
The poll also found the core consumer price index (CPI), which includes oil products but excludes fresh food prices, likely fell 0.4 percent in October from a year earlier.
Core CPI slipped 0.5 percent in September.
"A strong yen and budget-minded households pushed down consumer prices but the pace of falls slowed down a little due to some recovery in prices such as gasoline following a pickup in oil prices," said Kentaro Arita, senior economist at Mizuho Research Institute.
The internal affairs ministry will announce the CPI data at 8:30 a.m. on Friday.
The economy grew faster than expected in the third quarter as exports recovered but weak domestic activity cast doubt on the outlook.
(Reporting by Kaori Kaneko; Editing by Kim Coghill)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Japan to supply new patrol boats to Vietnam
- EU needs new budget to face security woes in Trump era: Monti
- Istanbul nightclub attack involved an intelligence organization: deputy PM