Japan: Exports contract at slower pace in July
Yen-denominated merchandise exports shrank 19.2% annually in July, following June’s 26.2% plunge. Meanwhile, imports dived 22.3% in annual terms in July (June: -14.4% yoy). As a result, the merchandise trade balance came in at JPY 0.0 in July, inching up from the JPY 0.3 trillion deficit recorded in June. Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a JPY 2.8 trillion deficit in July, compared to the JPY 3.0 trillion deficit clocked in June.