Japan's March Trade Surplus Misses ¥1.1T Forecast at ¥667B Despite Record Exports

Japan's latest trade data shows a March surplus of ¥667 billion, its second straight monthly gain but well below the ¥1,106 billion consensus. Exports hit a record ¥11,003.3 billion, up 11.7% year-over-year versus 11.0% expected, while imports rose 10.9% against 7.1% forecast, narrowing the surplus from prior ¥57.3 billion. Initial reports highlighted the shrink and import surprise; updates emphasize export strength. For USDJPY, mixed signals suggest short-term volatility as markets balance yen-supportive exports against surplus weakness and foreign currency demand.