Japan's exports to China, its largest trading partner, fell by 6.2% year-on-year in December last year, the first recession in seven months (AFP data photo)

[Financial Channel/Comprehensive Report] Japan’s exports increased by 11.5% in December last year, the lowest growth rate since 2022, while the growth slowed down sharply, mainly due to the first decline in shipments to China in seven months. The decline in exports to China has triggered concerns about a global economic recession.

Japan's exports to China, its largest trading partner, fell 6.2% year-on-year in December last year, the first recession in seven months, while the volume of exports fell 24%.

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Japan's exports rose in December at the slowest pace in 2022, data from the Ministry of Finance (MOF) showed on Thursday, weighed down by falling sales of cars, auto parts and chipmaking machinery to China, Reuters reported.

Atsushi Takeda, chief financial officer at Itochu Research Institute, pointed to the unexpected stagnation of China's economy following a slowdown in Europe and the U.S. In a worst-case scenario, it could deal a hit to Japanese exports, which could in turn hit Japanese factory output. output and capital expenditure.

Atsushi Takeda said Japan would then have no choice but to turn to domestic demand to make up the shortfall.

In this sense, the spring wage negotiations between employers and employees is the key to seeing whether private consumption can support healthy economic growth.

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