Japan's exports decline most since 2009 as Covid-19 hits US-bound shipments

Japan's exports fell in May at the fastest pace since the 2009 global financial crisis as U.S.-bound car shipments plunged, bolstering expectations for a deep contraction in the world's third-largest economy this quarter.

Weak global demand for cars and slowing business spending could drag on Japan's export-led economy, even as China-bound trade shows signs of picking up and U.S. and European economies reopen.

The trade data came a day after the Bank of Japan increased its support through lending schemes for struggling businesses to $1 trillion.

Ministry of Finance (MOF) data out Wednesday showed Japan's exports fell 28.3% in the year to May,