Japan’s exports rose 3.6% year-on-year to a seven-month high of JPY 9,766.3 billion in October 2025, marking the second straight month of growth and beating market expectations for a 1.1% increase. A weaker yen boosted the value of goods sold overseas, helping offset the impact of U.S. tariffs. Still, the growth rate slowed from September’s 4.2% gain. Although a bilateral trade agreement with the U.S. was reached earlier this year, Japanese firms remain subject to 15% export tariffs, threatening margins and potentially curbing wage growth and investor confidence across the economy.