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Japan May trade balance data shows big slump for imports y/y, small jump for exports

Japan May trade balance data shows big slump for imports y/y, small jump for exports

Japanese Trade Balance data for May 2023

Trade balance is -1372.5bn yen

  • prior was -432.3bn yen

Imports -9.9% y/y

  • expected -10.3%, prior -2.3%)

Exports +0.6% y/y

  • expected -1.2% prior +2.6%

Exports to China were -3.4% y/y

  • to Asia -8.1%
  • to the US +9.4%
  • to the EU +16.6%

In other data, machinery orders for April +5.5% m/m

  • expected +3%, prior -3.9%

and -5.9% y/y

  • expected -8%, prior -3.5%

USD/JPY is barely changed after the data. What did move it overnight was the Federal Open Market Committee (FOMC):

This article was written by Eamonn Sheridan at www.forexlive.com.

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