Japan has said its trade surplus nearly quadrupled in August, marking the biggest increase in 24 years, thanks to fast-growing exports to the rest of Asia and Europe.
The sharp increase, driven in large part by robust car exports, helped to calm market jitters about the impact of slowing shipments to the US economy, which is feeling the pinch from credit market turmoil and a housing slump.
Rising exports are expected to keep Japan's economic recovery on track in the months ahead, although analysts say a US economic slowdown and resurgent oil prices could keep a lid on the trade surplus.
Japan posted a trade surplus of $6.5 billion in August, up 288% in the biggest annual increase since May 1983. The report was well ahead of market expectations and came after a 21.7% drop in July.
