Japan's exports fell 2.6% yoy in July 2025, the third consecutive monthly drop and the sharpest since February 2021. Figures were worse than market consensus of a 2.1% fall, as sweeping U.S. tariffs dampened overseas demand. Exports to the U.S. plunged 11.4%, marking a fourth consecutive monthly decline. Shipments to China (-3.5%), the EU (-3.4%), and ASEAN nations (-2.9%) also posted falls.