Japanese trade data for May:

Trade Balance Yen -2384.7bn

• expected -2022.6 bn and prior of -842.8bn yen

Imports 48.9% y/y (May’s imports were the largest on record)

• expected 43.6%, prior 28.3%

Exports 15.8% y/y

• expected 16.4%, prior 12.5%

Exports by destination:

• to China -0.2% y/y (constrained by lockdowns in China)
• to the US +13.6% y/y
• to the EU +10.6% y/y

more to come