Japan's exports surged 12.2% in July from a year before while imports rose 19.6%, largely because of energy costs. The export gain is seen as further evidence that Abenomics is beginning to work as Japan takes advantage of slowly recovering markets in the U.S. and Europe. As for July's trade gap, the third-largest on record, "I'm not so concerned ... because energy prices will fall sooner or later and export volumes will rise as the global economy improves," said economist Hiroaki Muto of Sumitomo Mitsui Asset Management in Tokyo.

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