Japanese export growth slows.

Japanese exports increased for a fourth consecutive month in June, rising 7.4% on year, although that marked a slowdown from +10.1% in May, while the reading also missed consensus of +10.3%. Imports grew 11.8% and the trade deficit widened to ¥180.8B ($1.81B) from ¥996.4B. Exports to the U.S., China and even the EU increased. "The effect of the yen's weakness on exports is becoming very clear," says RBS economist Junko Nishioka.