Core Viewpoint - The global trade outlook remains uncertain due to the impact of U.S. tariff policies, particularly affecting trade with the U.S. [1] Export Performance - Japan's exports in August decreased by 0.1% year-on-year, marking the fourth consecutive month of decline [1] - Exports to the U.S. fell by 13.8%, worsening from a 10.1% decline in July, and this represents the largest drop since February 2021 [1] - Specific export categories such as automobiles, steel, and auto parts experienced declines of 7.9%, 14.9%, and 12.6% respectively [1] Import and Trade Balance - Japan's imports decreased by 5.2%, resulting in a trade deficit of 242.53 billion yen (approximately 11.77 billion RMB) [1] - Growth in exports to Asia and Europe partially offset the significant decline in exports to the U.S. [1] Economic Implications - The trade shocks pose risks to Japan's already fragile economic growth, potentially disrupting the desired cycle of inflation, wage growth, and economic expansion [1] - Increasing evidence suggests that U.S. tariff hikes are impacting shipments to the U.S. [1]