Japan trade balance (March) Y 4.9bn (vs. expected Y +459.9bn)

  
Analysis, Economy

Japan trade balance for March 2020,  a big miss at +4.9bn yen

  • expected Y 459.9bn, prior Y 110.8bn

Trade balance adjusted -190bn yen

  • expected Y -115bn, prior Y 498.3bn

Exports much worse than expected at -11.7% y/y

  • expected -9.4% y/y, prior -1.0%
  • 16th consecutive y/y fall

Imports ‘beat’ at -5.0% y/y

  • expected -8.7% y/y, prior -13.9%
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