Free Trial

(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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 Access
MNI INSIGHT: BOJ To Look Through Lower Phone Costs On CPI
(MNI) London

Japan's real export index rose in Q1, underlining the Bank of Japan's view that that exports have picked up and are likely to continue increasing for a wider range of goods.

Officials at the central bank were upbeat on the better data in recent months but there is some concern that overseas sales could stall in coming months due to supply-side restrictions caused by the global shortage of semiconductors.

Boosted by the pick-up in global trade, the real export index rose 1.9% q/q in Q1, marking a third straight quarterly gain after rising 10.4% in Q4, data released by the BOJ Monday showed.

The March real export index rose 3.1% m/m after a 3.3% decline in February, helped by strong demand for automobiles, chip-making equipment, and capital goods.

Data released Monday showed exports rose 16.1% y/y, the biggest rise since November 2017, and imports rose 5.7% y/y for a second straight rise.

Japan posted a surplus of JPY663.7 billion, up 8,756.6% from a year earlier.


March exports of automobiles rose for a first time in five months, up 11.2% following a 12.9% decline in February. Exports of chip-making equipment rose 18.1% in March, accelerating from +11.7% in February.

Exports of machinery for capital investment overseas rose 18.1% y/y in March, reversing from -1.4% in February, indicating demand for capital investment overseas remained firm.

Exports to China, Japan's largest trading partner, surged 37.2% y/y in March for the ninth straight rise, accelerating from +3.4% in February, thanks to strong demand for chip-making equipment, cars and capital goods.

Exports of machinery to China rose 31.1% y/y in March and exports of chip-making equipment rose 33.8% in March and exports of automobiles rose 35.7% in March. Exports to the U.S. rose 4.9% in March for the first rise in five months following a 14.0% fall in February. Exports of automobiles to the U.S. rose 8.3% and exports of construction machines rose 25.6% in March.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.