After 48 months of trade deficits, March saw a very modest JPY3.3bn surplus (vs JPY409bn deficit expectations), driven by a collapse in imports. Exports rose 8.5% (as expected) but against already dismal expectations of a 12.6% drop, March saw Japanese imports crash by 14.5% – the most since Nov 2009 (driven by the plunge in oil prices – aleviating some of the post-Fukushima fuel demands cost). Of course this is terrible news for stocks as it means less stimulus from the BoJ…asnd JPY is strengthening modestly.