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Japan’s Current Account balance registered at 1.3 billion yen in July, up from the 1.2 billion registered in June. Still, the overall trend continues to point lower: the surplus shrank -19.4% from year earlier as exports fell -37.6%, driven lower as the global economic downturn translated into weaker foreign demand for Japanese cars and electronics. More of the same is likely going forward: although manufacturing has rebounded over recent months, spurred by global fiscal stimulus efforts (including “cash for clunkers” programs in the US and Germany that target autos) and a restocking of inventories, the International Monetary Fund (IMF) has said in its latest world economic outlook that advanced-country exports will rebound just 1.3% after falling by a staggering -15.0% in 2009.