Japan’s Trade Surplus With U.S. Surges 93%
Japan’s trade surplus more than tripled in May compared with a year ago, including a 93 percent rise in the surplus with the United States.
The magnitude of the increases surprised some analysts who said the big imbalances could drive the yen higher.
“We had expected a jump, but the actual number was much worse than we thought,” said Mineko Sasaki-Smith, an economist for Credit Suisse First Boston.
The government said Japan’s merchandise trade surplus for May shot up 222.2 percent to 738.27 billion yen, or $6.53 billion, compared with a year ago. The surplus had risen 164 percent in April from year earlier levels.
Imports in May rose 6 percent from a year earlier, as petroleum products rising 22.8 percent while meat imports fell 34.3 percent.
Meanwhile, Japan’s exports rose 20.5 percent, boosted by a 43.3 percent rise in auto exports.