Global trade with Japan has collapsed. Exports are down and imports are down even more.

The result is an unexpected rise in Japan's trade surplus, yet another failure of abenomics.

Japanese Output Shrinks at Fastest Pace Since 2012

The Markit Japanese PMI shows Output falls at fastest rate in over two years, underpinned by a sharp
drop in new orders.

Flash Japan Manufacturing PMI™ at 47.6 (48.2 in April). Flash headline PMI signals sharpest decline in operating conditions since December 2012.

Flash Japan Manufacturing Output Index at 46.9 (47.8 in April). Production decreases at most marked rate in over two years.

Unexpected Surplus

Bloomberg reports Japan April Trade Surplus 823.5 Billion Yen, Beats Estimates.

Japan's exports fell for a seventh consecutive month in April as the yen strengthened, underscoring the growing challenges to Prime Minister Shinzo Abe's efforts to revive economic growth.