Japan had a merchandise trade surplus 692.8 billion yen in June, the Ministry of Finance said on Monday.

That beat forecasts for 474.4 billion yen following the upwardly revised 40.6 billion yen deficit in May (originally -40.7 billion).

Exports were down 7.4 percent on year, topping forecasts for a fall of 11.3 percent, which would have been unchanged from, the previous month.

Imports tumbled an annual 18.8 percent, also exceeding expectations for a fall of 20.0 percent following the 13.8 percent drop a month earlier.