-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI POLICY: BOJ Export Index Dn 14.2% M/M in Apr; May Weaker
By Hiroshi Inoue
TOKYO (MNI) - Japan's real export index fell 14.2% m/m in April, a second
straight decline following a 3.5% fall (revised from -3.4%) in March. The April
index fell 15.6% compared with the January-March period and Bank of Japan
officials see the index in May to be weaker than this month.
Bank officials expect Japan's exports to remain weak for the time being as
global economy struggles under the spread of Covid-19, expected to be sharply
lower across Q2, although exports to China are expected to stabilize and then
start picking up moderately.
However, exports to the U.S. and Europe are projected to be under further
downward pressure, largely due to weaker auto sales and the latest trade data
continued to show weak exports of auto-related goods and capital goods.
The BOJ at an extraordinary policy-setting meeting on March 16 lowered its
assessment to say "Exports declined." The previous assessment noted
"Exports have continued to show some weakness."
--LARGE TRADE DEFICIT
Exports fell for a 17th straight month in April, down 21.9% y/y, widening
from March's 11.7% fall. It was the largest drop since October 2009 when exports
fell 23.2%. Imports fell 7.2%, recording a 12th straight decline following the
5.0% drop in March. Overall, Japan's trade deficit was JPY930.4 billion after a
surplus of JPY5.408 billion.
Latest data showed a continued pick-up in global demand for IT-related
goods, although demand for capital goods was sluggish and demand for auto
and auto parts remained weak in the U.S. and Europe.
--SOLID SEMICONDUCTOR DEMAND
Overall exports to China, Japan's largest trading partner, fell 4.1% y/y in
April, improving from a 8.7% y/y fall in March, while imports rose 11.7%, a
first rise in nine months following -4.5% in March.
Exports of semiconductors to China rose 29.4% in April, widening from a
14.5% rise in March, while exports of automobiles fell 10.0%, reversing from a
19.2% rise last month.
Exports of semiconductors rose 4.3% y/y in April, up for a sixth straight
month
following a 6.3% gain in March. But auto exports fell 50.6% following a 13.1%
fall . Auto part exports fell 39.2% vs a 17.9% decline previously.
Shipments of automobiles to the U.S., which account for about 40% of total
Japanese auto exports, plunged 65.8% in April, worsening from a 23.7% fall in
March. Those to the European Union, with a 12% share of total Japanese auto
exports, fell 55.8% in April, also worsening from a 21.0% fall in March.
Machinery shipments continued falling in April, down 23.4% after falling
17.9% in March, indicating overseas firms remained cautious about implementing
capital investment.
Japan's exports to the U.S. fell 37.8% y/y in April, for an ninth straight
drop and sharply widening from -16.5% in March, for the biggest drop since July
2009.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$,MT$$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.