Japan’s international trade activity reached 11% in May, recovering from a low of 1% in March. That included an 8% increase in exports which is consistent with a recovery in trade sentiment across Asia. Exports grew across the board with the exception of shipping, which is unlikely to recover given a paucity of orders. American section 232 metals duties had a negligible effect with steel exports up 8% and non-ferrous metals by 24%. The bigger challenge will be the U.S. review of the automotive industry which could report in time for the U.S. midterm elections in November. While exports o...