Japan posted its first monthly trade surplus in nearly three years in March, due to falling import costs from cheaper oil prices, along with a modest recovery in exports. It is unclear how long surpluses will continue – Japan’s oil and gas import bill could rise again due to the weak yen. But a U.S.A economic recovery has helped boost Japan’s exports, and the government has been aggressively encouraging tourism.
“Japanese exports for March, out this morning, came in showing an increase of 8.5 percent,” said Nicholas Teo, market analyst with CMC Markets in Singapore. “With the tourist season heading into full swing, the advantage of a lower yen will also have a huge impact on these numbers in the months ahead.”