USD/JPY flows: Export beats

The Japan May trade balance has come in less negative than expected with export beats but import misses. Export to China and U.S. have shown significant growth while EU sags. It should be read as a positive sign for Japan's second quarter economic growth. The resumption of expansion in import, though missed expectations, are a positive sign for private consumption.

USD/JPY is trading unchanged at 157.84 as JGB yields outpaced their U.S. counterpart.