JPY: Largest trade surplus in several years – BBH

By FXStreet Research Team at BBH, notes that the Japan reported its largest trade surplus in several years and nearly 30% higher than economists expected.

Key Quotes

“Below the surface, the details were not particularly inspiring. Exports fell for a seventh consecutive month and the year-over-year pace of -10.1% was a little more than expected. Imports shocked with a 23.3% plunge. The market has expected a little more than a 19% decline. In March, they fell by almost 15%.

Also illustrating the difficult straits the economy is in, the preliminary manufacturing PMI fell to 47.6 from 48.2, its third month below the 50 boom-bust and the lowest since the end of 2012. Separately, the Cabinet left is economic assessment unchanged from April–weakness within moderate recovery. It updated its estimate of the recent earthquake damage to JPY2.4-JPY4.6 trillion (~$22-$42 bln).”
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Source:: FX Street