JPY: Largest trade surplus in several years - BBH

Research Team at BBH, notes that the Japan reported its largest trade surplus in several years and nearly 30% higher than economists expected.

Key Quotes

“Below the surface, the details were not particularly inspiring. Exports fell for a seventh consecutive month and the year-over-year pace of -10.1% was a little more than expected. Imports shocked with a 23.3% plunge. The market has expected a little more than a 19% decline. In March, they fell by almost 15%.

Also illustrating the difficult straits the economy is in, the preliminary manufacturing PMI fell to 47.6 from 48.2, its third month below the 50 boom-bust and the lowest since the end of 2012. Separately, the Cabinet left is economic assessment unchanged from April--weakness within moderate recovery. It updated its estimate of the recent earthquake damage to JPY2.4-JPY4.6 trillion (~$22-$42 bln).”