Japan gold exports hit record $25bn, likely include metal once smuggled in

Commodities

Fiscal 2025 outflow due to higher prices abroad on geopolitical tensions

As international gold prices rise, ingots are leaving Japan. © Reuters

TOKYO — Japan’s gold exports surpassed 4 trillion yen ($25 billion) for the first time in fiscal 2025, driven by rising prices amid heightened geopolitical risks. The figure likely is bolstered by outflows of the precious metal previously smuggled into the country.