Japan's Shifting Trade Surplus

The big headline today is the increase in Japan's trade surplus, but the important news behind the headline is the shifting composition of Japan's exports. According to the Financial Times:Japan’s exports rose 15.1 per cent to a record high for May, but brisk imports and sluggish shipments to the US meant the trade surplus rose a slower-than-expected 9.3 per cent from a year earlier.Exports rose