Nov exports 0.2 vs Oct 1.6
Chinabound shipments of chips, food slump
Global slowdown adds to weak domestic demand
Yen rebounds, weak exports may delay BOJ exit

TOKYO, Dec 20 Reuters Japan39;s exports in November fell for the first time in three months dragged down by Chinabound chip shipments, underscoring worries that slowing overseas economies will complicate policymakers39; efforts to wind back on stimulus.

November exports fell 0.2 from the same month a year earlier, Ministry of Finance data showed on Wednesday. It was the first yearonyear decline in three months.

That compared with a 1.5 rise expected by economists in a Reuters poll. It followed a 1.6 rise in October.

Weak exports are a source of concern for Japanese policymakers who are hopeful that external demand can help counter weak domestic consumption.

Japan has no driver of economic growth now. Private consumption may have bottomed out, but economic growth is likely to remain slow this quarter, said Takeshi Minami, chief economist at Norinchukin Research Institute.

A rebound in the yen and slowing exports weigh on Japanese firms39; profits, making it difficult for the Bank of Japan BOJ to confirm a virtuous cycle of wages and prices and scrap its negative rates policy in the coming year.

The central bank on Tuesday maintained its ultraloose policy settings, opting to await more evidence on whether wages and prices would rise enough to justify a shift away from massive monetary stimulus….