FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Quotes from RBC Capital Markets:
-JPY: Japan's January trade deficit was narrower than expected (JPY1.2trn vs JPY1.8trn) as exports rose sharply (17% y/y) and imports shrank (-9% y/y). The rise in exports reflected much higher volumes (11.2% y/y).
-Although this is the first significant rise in export volumes since JPY started falling more than two years ago, it would be premature to conclude Japanese exporters are suddenly benefiting from JPY weakness (which is what Economics Minister Amari seems to have concluded, according to overnight comments).
-The rise in export volumes was concentrated in China and probably reflects no more than the timing of Chinese New Year (earlier last year than this year). The MoF's weekly capital flows data showed a slight slowing in demand for overseas equities last week (JPY156bn), but the trend remains very strong.
