Japan trade balance for July shows a surplus of 11.6bn yen, a beat

  • expected Y -86.5bn, prior Y -269.3bn

Trade balance adjusted Y -34.8bn

  • expected Y -45.3bn, prior Y -423.9bn

Exports -19.2% y/y 'not as disastrous as expected' is the new beat for exports

  • expected -20.9% y/y, prior -26.2%

Imports -22.3% y/y and ditto for imports

  • expected -23.0% y/y, prior -14.4%

Yen has shown a little strength on the session so far, USD/JPY has dropped under its US timezone lows.