Forex Flash: Yen depreciation to lead to export led recovery - Nomura

FXstreet.com (Barcelona) - Nomura economists are projecting a strengthening Japanese recovery in exports thanks to a depreciation in Yen.

They begin by noting that March trade statistics confirm firming exports from Japan. The March Japanese manufacturing PMI new export orders index was 53.9 (+6.5pt m-m), above the 50 mark indicating growth, and based on this as well they judge that exports have shifted to recovery. They write, “We look for the export recovery to strengthen thanks to the rapid weakening of the yen.”