An expected turnaround in Japan's trade deficit due to the sliding yen hasn't materialized yet, with April marking the longest run of trade gaps since 1980 at 10 months. Exports were up 3.8% for the month, but imports were up 9.4% in value. "Exports may recover further, but because import costs are rising quite a bit, trade deficits will likely continue," said Junko Nishioka, chief economist at RBS Securities Japan.

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