Free Trial
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.
JAPAN DATA
Japan June exports were slightly weaker than expected, printing at +1.5% y/y, versus +2.4% forecast and 0.6% prior. Imports also undershoot forecasts, albeit by slightly more - printing at -12.9% y/y, versus -11.3% forecast and -9.8% prior. This enabled the trade balance to rise more than expect to +¥43bn versus -¥46.7bn forecast and -¥1381.9bn. This is the first trade surplus since July 2021. It's consistent with an improved terms of trade backdrop since the start of this year, see the chart below.
- On the export side, trends to the US (+11.7% y/y) and the EU (+15.0%) were positive. Less so for China (-11.0%y/y) and Asia (-8.4%y/y).
- Import growth continues to trend lower, now back to lows from Q4 2020.
Fig 1: Japan Trade Balance & Citi ToT Measure For Japan
Source: Citi/Market News - MNI/Bloomberg
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok