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Japan's exports experienced a drop in May for the first time in eight months, primarily due to the comprehensive tariffs imposed by the United States. Specifically, exports of automobiles and automotive parts to the US witnessed a steep decline. With the failure of Japan-US trade negotiations, Japan is actively seeking to avert a 25% tariff on its automotive industry and a 24% "reciprocal" tariff. Despite the reduction in export volumes, Japanese automakers have refrained from passing on the additional costs to consumers. This tariff pressure could potentially decrease Japan's GDP by approximately 1 percentage point, thereby intensifying economic uncertainties. In response, the Bank of Japan has maintained its interest rate at its current level and is approaching the challenges with caution.
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