Japan 225 Mixed as Export Surplus Offsets PMI Drop and Price Surge

As of May 21, the Japan 225 shows mixed signals after April trade data delivered a surprise ¥301.9 billion surplus driven by 14.8% export growth, beating forecasts. This follows the May 19 Reuters Tankan survey showing manufacturers’ sentiment rising modestly to +8 but with weaker forward expectations, and the May 21 S&P Global flash composite PMI slipping to a five-month low of 51.1 amid stalled services and record selling-price inflation. Surging input costs and Middle East shipping disruptions slashing auto exports by over 90% now complicate the Bank of Japan’s June policy decision, creating a cautious backdrop for the index despite the trade beat.