Japan's gold export rush hints at flourishing smuggling operations

Previously unknown amounts of ingots leave country before Trump tariffs kick in

20250508N gold

Gold prices are at record highs amid economic concerns over U.S. tariffs. © Reuters

YOHEI HIROSE

TOKYO -- Japanese exports of gold are surging as U.S. tariffs and other economic concerns drive global demand, fueling questions over where the ingots originated in the first place.

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