Japan's exports slip -2.3%

Exports to Europe and China fell sharply causing Japan's first decline in four months.

Here's more from BBVA Research:

Japan's exports declined by -2.3% y/y (consensus: -3.0% y/y) in June, the first fall in four months, as exports to Europe fell sharply by -21.3% y/y, while exports to China fell -7.3% y/y. On the other hand, imports fell by -2.2% y/y (consensus: -1.2% y/y), thanks to the fall in oil prices. This decline in imports resulted in an unexpected trade surplus of 61.7 billion yen (equivalent to 789 million USD) for the month. Japan's economy, bolstered by the post quake reconstruction, has recovered at a quicker than expected pace in the first quarter. Looking ahead, however, the economy is likely to slow in H2 due to the weak global environment.