Japan data
BoP Current Account Balance for May ¥ 1880.9B (2nd highest for the past 5years)
- expected ¥ 1570.2B, prior ¥ 1326.4B
BoP Current Account Adjusted ¥ 1636.3B
- expected ¥ 1375.2B, prior ¥ 1274.2B
Trade Balance BoP Basis ¥ -47.3B
- expected ¥ -283.8B, prior ¥ -146.2B
Bank lending including trusts +2.5% y/y (prior +2.6%)
Bank lending excluding trusts +2.6% y/y (expected +2.5%, prior +2.7%)
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That trade balance narrowing is going to be a positive for Kuroda and co. Big exporters have benefitted from the weaker yen and the BOJ and Japanese administration will be looking ahead for further benefits more widely spread amongst exporting firms.