Japanese trade balance data for July 2021:
- Exports y/y 37.0% vs 39.0% expected
- Imports y/y 28.5% vs 35.1% expected
A trade surplus is generally good but when it comes on lower-than-expected exports combined with even-lower than expected imports, then it's not a sign of underlying strength in the economy.
Seasonally adjusted imports were down 1.6% m/m and exports were flat.
