"The key reason for the good result is a solid rebound in exports to the U.S. where cars are selling well"
- Yoshimasa Maruyama, chief economist at Itochu Corp.
Japanese exports surged 5.9 per cent in March, compared to the same period last year, said the Ministry of Finance on Thursday. The trade deficit for March was 82.6 billion yen, less than economists forecast of 223.2 billion yen.
"The key reason for the good result is a solid rebound in exports to the U.S. where cars are selling well," Yoshimasa Maruyama, chief economist at Itochu Corp. in Tokyo, said.
"Exports to Asia are rebounding, mainly because of the strong recovery in shipping to ASEAN nations."
The Nikkei 225 fell 0.82%, or 78.88 points, to 9,588.38. The broader Topix retreated 0.63%, or 5.14, to 814.13.
"The Nikkei is following a drop in global shares," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd.
"There's a good chance that concern about the banking sector will increase, particularly in Spain and Italy. The market will get a lot more nervous if a fiscal issue leads to a banking issue."
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