There is a bright future in the horizon for Japan as the country posted an increase in its export data for the first time in three months.

A recently released data from the finance ministry showed that the country's exports had a significant increase in July by about 3.9 percent, which could mean that overseas demand is starting to recover, and, in turn, could offset the recent slump in consumer spending.

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The annual rise was close to the 3.8 percent increase that the country's economists expected, according to Reuters.

The growth in Japan's exports was bolstered by an increasing European demand for Asian-manufactured cars. There is also an increased shipment in the areas of metal processing machinery as well as decorations in the likes of liquid crystal displays.

Economists in the country said the new data is a bit of good news for the Bank of Japan, following the government's plan - the "Abenomics" - to boost the Japanese economy.

Hiroshi Miyazaki, senior economist at Mistubishi UFJ Morgan Stanley Securities, said the new export data will prompt BOK to become more confident to "keep its monetary policy on hold."

Early in the year, the country's exports were hit by weak demand in Asia as well as a shift in overseas production. Japan's exports to Asia increased by about 3.4 percent in July compared to last year due to the growing demand for automobile shipments.

The country's exports to China, on the other hand, also posted an increase of about 2.6 percent due to a clamor for shipments of car parts as well as metal processing equipment, according to the finance ministry.

Japan's exports to the United States also posted a 2.1 annual percent increase due to the rise in the country's shipments of car parts to its western counterpart.

TagsNews, business news, exports