Japan’s May Trade Surplus Soars

Japan’s trade surplus skyrocketed in May as auto makers and other manufacturers cranked up exports to their highest level in 15 years to offset sagging demand at home. The surplus increased 222.2% in May from a year earlier to $6.4 billion, the Finance Ministry said. The politically sensitive surplus with the U.S. rose 93%, or $2.8 billion, less than April’s 174% gain but the eighth monthly rise. The expansion of the global surplus was the second-highest on record and the third in the last four months. It follows a 163.7% burst last month. The gains reverse almost three years of declines and mark the beginning of an export boom that’s sparking tension with the U.S., economists said. Trade balances will be on the agenda when leaders from the Group of Seven industrialized nations meet in Denver this week.