Flash: No bona fide recovery in exports likely until at least Oct-Dec 2013 - Nomura

FXstreet.com (Barcelona) - Nomura economists think that Japanese April trade statistics indicate a possible loss of momentum for exports after firming in Jan-Mar.

They feel that considering also that the export orders index in Japan's manufacturing PMI, a leading indicator for exports, fell 1.7pt m-m in April, we look for exports to lose upward momentum for a bit owing to slowing overseas economies. They write, “Although we project an ongoing uptrend in q-q export growth thanks to the benefits of the sharply weaker yen, we anticipate no bona fide recovery in upward momentum until at least Oct-Dec 2013.”