Japan data - April exports a big miss, come in at -2.4% y/y (expected -1.6%)

Japan trade balance data for April 2019

Japan trade balance for April Y 60.4bn

• expected Y 232.7bn surplus, prior was+527bn Y

Adjusted trade balance Y -110.9bn

• expected Y -37.5bn, prior Y -177.8bn

Exports -2.4%

• expected -1.6% y/y (trade wars impact), prior -2.4%

Imports +6.4%, a sign of better domestic demand

• expected +4.5% y/y, prior +1.2%

The exports slump is the 5th consecutive month down. External demand falling, trade wars the culprit.