Japan’s exports rose 2% in April from a year earlier, below the expected 2.5% rise, while imports fell 2.2%. The yen was 2.6% stronger at 147.7 per dollar, weighing on the value of exports and imports.

After two months of surplus, Japan’s trade balance returned to a deficit of ¥115.8 billion ($797 million).

The slowdown raises concerns of a technical recession, especially after last quarter’s contraction and weak domestic demand.

Semiconductor parts and food drove export gains, but cars and steel dragged; coal and crude oil led the import decline.

Exports to the US fell 1.8%, with cars and machinery hitting hardest; exports to China and Europe declined.

Trump’s tariffs now include 25% duties on metals and autos, and a rising tax, starting at 10%, on all other Japanese goods unless a trade deal is reached.

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