In its monthly economic report published early Tuesday, the Japanese Cabinet Office maintained the overview of the economy that it was on a moderate recovery.

Key takeaways

“Japan raised its official assessment of imports for the first time in nine months.”

“Japan's imports are generally staying flat, modifying a previous expression that they were weak.”

“Yen's double-digit depreciation from a year earlier bumped up the value of imported goods.”

“The government recognized rising bankruptcies (previously said they were staying at low levels).”

“Maintained a warning against global financial volatility it added last month in response to Western bank collapses.”

Market reaction

Despite the upbeat report from Japan, USD/JPY is testing daily hghs near 134.35, courtesy of dovish remarks from Bank of Japan (BoJ) Governor Kazuo Ueda. The pair is up 0.09% on the day.