First export drop in more than a year in Japan

Japan’s exports fell in May for the first time in 15 months on weak demand from the U.S. and Asia, Outbound shipments decreased 2.7% from a year earlier, the finance ministry said in Tokyo today, steeper than a median forecast for a 1.3 percent decline as estimated. Imports dropped 3.6%, with the trade deficit narrowing to 909 billion yen ($8.9 billion).adding to challenges for Prime Minister Shinzo Abe as he tries to steer the economy through a forecast contraction this quarter. Masahiko Shibayama, chairman of the lower house cabinet committee, Data showed U.S. industrial production expanded more than forecast in May, a sign gains in manufacturing are supporting growth as the U.S. economy picks up.

The New York Fed’s Empire manufacturing report rose to 19.28, exceeding the average estimate, a separate report indicated. The dollar rose after a measure of U.S. inflation accelerated in May faster than forecast as Federal Reserve Chair Janet Yellen and policy makers meet to consider further reductions in monetary stimulus. Yen fell 0.3 percent to 102.15.

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