Japan’s trade surplus fell to JPY 105.7 billion in December 2025 from JPY 120.3 billion in the same month a year earlier, missing market estimates for a gain of JPY 357 billion. Exports rose 5.1% year-on-year to a record peak of JPY 10,411.5 billion, marking a fourth straight month of growth but falling short of forecasts of 6.1%. Meanwhile, imports grew 5.3% to an 11-month high of JPY 10,305.8 billion, marking a fourth successive month of increase and outperforming expectations of 3.6%.