The yen value of Japan’s exports rose by the biggest margin in three years in May, aided by policies that have softened the country’s currency, in the latest evidence that the government’s “Abenomics” revival campaign is lifting earnings at global manufacturers.
Japanese exports fetched Y5.768tn ($60.5bn), an increase of 10.1 per cent compared with the same month a year earlier, Ministry of Finance data showed yesterday.
The improved data came after Shinzo Abe, the prime minister, declared that he had won backing from Group of Eight leaders on Tuesday for his three-pronged economic stimulus programme, one of whose core elements, looser monetary policy, has helped to weaken the yen by as much as 20 per cent against other leading currencies since late last year.