Japan March trade balance: Y bn (vs. expected Y 44.6bn)

Japan trade balance for March: Y +229.3bn

• expected Y 44.6bn, prior was Y -425.0bn

Trade balance (adjusted): Y 3.3bn

• expected is Y -409.3bn, prior was Y 638.8bn

Exports for March: +8.5% y/y

• expected +8.5%, prior was +2.5%

Imports: -14.5% y/y - March imports fall at fastest pace since November 2009

• expected is-12.6%, prior was -3.6%

• March exports to China +3.9 pct year/year
• March exports to Asia +6.7 pct year/year
• March exports to US +21.3 pct year/year

More:

• First trade surplus for the month of March in nearly 3 years (since June 20132)
• The fall in oil prices has cut the bill for imports of energy
• Exports boosted by the weaker yen ... though the strengthening of the US economy is giving them a kick along also