Japan’s exports fell for the first time in eight months as the U.S. tariff campaign weighed on global trade, raising the risk of a technical recession after the economy contracted at the start of the year.Exports measured by value dropped 1.7% in May from a year earlier led by cars, steel and mineral fuel, the Finance Ministry reported Wednesday. While the fall was smaller than the median analyst estimate of a 3.7% decline, data suggested exporters may be absorbing the tariff shock by cutting prices, as export volume rose 1.8%.Imports declined 7.7%, with crude oil and coal seeing some of the sharpest falls, leaving Japan’s trade balance at a deficit of ¥637.6 billion ($4.4 billion). The shortfall widened from the previous month, and marked a second consecutive month of deficits.
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