Japan export momentum slows vs. expectations but BOJ hold fuels equity backdrop
Japan's September exports rose 16.7% YoY, missing 20.1% consensus, while semiconductors and machinery posted strong gains. U.S. demand rose 22.9% and China 8.6%, supporting exporters despite the overall miss. With a BoJ rate hold anticipated at 1% and equities rallying, DBJP could see near-term upside from policy stability and export-driven growth.
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