Japan's export performance remained steady in September, boosted by increased chip and automobile shipments. Japan's Ministry of Finance announced on Wednesday that exports rose 16.7% year on year in September, lower than economists' median estimate of 21.3%. Japan's exports have been growing for 13 consecutive months. Imports increased 18.9% year over year, which was also lower than economists' expectations of 20.4%. The unadjusted trade deficit was 536 billion yen, which is significantly narrower than the 1.1 trillion yen deficit in August. By destination, Japan's exports to the US increased by 22.9%, while exports to China and the EU increased by 8.6% and 10.5%, respectively. Japan's crude oil imports increased 51% year over year due to the tense situation in the Middle East driving oil prices to remain high.

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