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Japanese May exports down more than expected

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Japanese May exports down more than expected

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Japan’s exports fell in May at a faster pace than expected.

Exports were down by 10.3 percent compared with the same month last year. Economists has forecast an 8.4 percent annual decline. They edged up 2.5 percent compared with April.

The figures raise concerns about weakness in overseas demand.

However, at the same time, the Tokyo government upgraded its view of the economy’s performance and outlook for the first time since the March earthquake and tsunami.

The Japanese cabinet’s monthly report cited progress that manufacturers were making in restoring production and supply chains wrecked by the March 11 disaster.

The improved assessment of production, exports and consumption follows last week’s upgrade in the Bank of Japan’s view of the economy.

The government did however, stress its concerns about the strength of the global economy, high energy costs, the euro zone debt crisis and concerns about the stability of power supplies as potential risks.