Data published overnight by Japan’s Ministry of Finance showed that during the month of May imports dipped 1.5 per cent while exports contracted by a rather alarming 7.8 per cent. This took the adjusted trade deficit to 609 billion yen, the lowest reading since February 2015 and in stark contrast to February 2017’s 611-billion-yen surplus; the speed of the drop mirrors the shocking decline between 2010 and 2014. Some are suggesting the unprecedented 10-day holiday to mark the new emperor’s ascension was to blame. In a blow to Saudi Arabia’s Crown Prince Mohammed bin Salman, car maker Toyota decided not to go ahead and build a car plant in his country.
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