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.