Japanese exports have increased for 19 straight months on a y/y basis
Trade balance: Y 721.4bn
- expected Y 531.2bn, prior was Y -580.5bn
Trade balance (adjusted): Y 66.2bn
- expected Y 155.0bn, prior was Y -296.8bn
Exports y/y: +6.7% … miss
- expected 7.0%, prior was 8.1%
- down 0.1% m/m
Imports y/y: +2.5% … miss
- expected 5.3%, prior was 14.0%
- For the m/m, comes in at -5.3%
Japan exports to China (Japan's largest trading partner) +11.1% y/y
And, given the trade tension between Japan and the US following the imposition of steel and aluminium tariffs, the market will be looking at exports to the US, which have come in at -0.9% y/y. This may increase pressure within Japan to impose retaliatory tariffs on the US.
