Today was published statistics on the trade balance in Japan whose surplus in April totaled 0.43 trillion yen against the forecast of 0.27 trillion yen. In annual terms, exports fell by 10.1% against an expected decline of 10.0% in the country. At the same time, imports declined by 23.3%, as compared to the previous rate of reduction by 14.9%. The reason for the deterioration of the import and export figures was the rise of the yen and slowing growth in China and developing countries. Our medium-term outlook remains negative for the yen, but we do not exclude the growth in case of increased interest in defensive assets that is possible in case of the fall on the stock markets.