TOKYO — Japan recorded a trade surplus of 57.3 billion yen ($360 million) in February, reversing from a deficit in January. Exports from Japan grew by 4.2% in February to 9.57 trillion yen.

Imports to Japan grew by 10.2% year-on-year in February to 9.51 trillion yen. Japan posted a trade deficit of 1.15 trillion yen in January, when imports contracted by 2.5% year-on-year.

Shipments of Japanese goods to China declined by 10.9% year-on-year in February. Shipments to the United States dropped by 8% in February, with Japanese auto exports to the United States falling during the month.

Exports of Japanese goods to Europe grew by 17% year-on-year in February. Exports to the rest of Asia grew by 2.8% year-on-year in February.

Japan imports almost all of its oil, while Brent crude oil price reached about $100 per barrel in recent weeks. The U.S. dollar has been trading at about 159 yen, compared to below 150 yen a year ago.

President Donald Trump's tariffs on Japanese autos are set at 15%. The Bank of Japan's policy board concluded a two-day meeting on Thursday.

"Central banks are waiting to see if these elevated oil prices are a temporary blip or a running theme for 2026, in which case we may see more global peers pivot from a dovish to a hawkish stance," said Tim Waterer, chief market analyst at KCM Trade.