The trade deficit in May totaled 0.18 trillion yen compared to the forecast 0.17 trillion yen. In April the figure was 0.24 trillion yen. Exports to Europe for the year grew by 0.4% in the US - 7.4%, in Asia by 3.3% and in China - 1.1%. On the other hand the volume of imports fell by 8.7%. It is worth noting that the volume of exports to the United States and China has decreased in real terms. In addition, the report noted that the slowdown in China could adversely affect the recovery in Japan. We remain medium-term positive outlook for the Japanese market.