Exports climbed 16.7% YoY to ¥6.5 trillion, missing the 21.3% median forecast but marking the 13th consecutive month of growth.\n
Imports increased 18.9% to ¥3.8 trillion, versus the 20.4% expected, narrowing the unadjusted deficit to ¥536 billion from August’s ¥1.1 trillion.\n
Chip shipments surged 49.4% and chip‑making equipment rose 43.9%, with car exports up 15.1%, underscoring robust demand for AI‑related products.\n
“Demand for AI‑related products remains strong, with semiconductor exports rising, and I expect this trend to continue without any oversupply for the foreseeable future,” said Takeshi Minami, chief economist at the Norinchukin Research Institute.\n
Crude oil imports from the US jumped 820% by value, while Middle East imports rose 1.5% and fell 30% in volume, keeping oil prices high amid geopolitical tensions.\n
The yen weakened 6.7% to 157.43 per dollar, easing export competitiveness but raising import costs. Analysts anticipate that the sustained AI chip demand will support Japanese semiconductor stocks through Q4, with the weaker yen continuing to favor exporters.