Japan’s trade balance dropped from -¥118.4 billion in July to -¥242.5 billion in August, a smaller deficit than the forecast of -¥513.6 billion.

• Exports fell -10.0% MoM and -0.1% YoY (vs -1.9% YoY expected), an improvement over the -2.6% YoY decline previously.
• Imports dropped -8.5% MoM and -5.2% YoY (vs 4.2% YoY expected) as inflows were lower than estimates and below a year ago.
• Exports to the US crashed -19.8% MoM and were down -13.8% YoY as tariff policy restricted outflows of Japanese goods to the US.
• Imports from the US fell -7.2% MoM but were up 11.6% YoY, driving the Japanese trade surplus with the US down -50.5% YoY.

Japan's trade balance fell from a surplus of ¥152.1 billion in June to a deficit of ¥117.6 billion in July, well below expectations of the surplus growing to ¥196.2 billion.

• Exports increased 2.1% MoM but were still down -2.6% YoY, even after the 12.6% MoM increase in exports in June.
• Imports grew at a faster 5.2% MoM pace but were down -7.5% YoY. However, the annual comparison was still better than expectations of -10.4% YoY
• Exports to the US only increased 1.3% MoM and were still lower by -10.1% YoY (after being down -11.4% YoY in June).
• Imports from the US jumped 10.2% MoM, and the annual decline improved to -0.8% YoY in July, up from -2.0% YoY.

Japan’s trade balance improved to ¥153.1 billion in June, up from -¥638.6 billion in May but lower than the expected surplus of ¥353.9 billion

• Exports bounced back 12.6% MoM but were still down -0.5% YoY (vs 0.5% YoY) after the -11.2% MoM drop in May.
• Imports increased 2.7% MoM and 0.2% YoY (vs -1.6% YoY expected), also bouncing back from a -5.4% MoM decline in May.
• Exports to the US increased 12.8% MoM but remained lower on an annual basis at -11.4% YoY.
• Imports from the US fell another -2.3% MoM, but the annual decline improved to just -2.0% YoY.

Japan’s trade balance fell to -¥637.8 billion in May, down from -¥115.6 billion in April, slightly better than the projection of a -¥893 billion deficit.

• Exports saw another sharp decline, dropping -11.2% MoM and -1.7% YoY (vs -3.8% YoY expected) in May after falling -7.0% YoY in April.
• Imports continued to fall as well, dropping -5.4% MoM and -7.7% YoY (vs -6.7% YoY expected).
• Exports to the US fell -5.6% MoM in April and dropped -14.5% MoM again in May, now down -11.1% YoY.
• Imports from the US dropped -3.8% MoM in April but then rebounded 7.3% MoM in May. On an annual basis, imports are down -13.5% YoY.