With the yen weakening recently following moves by the Bank of Japan to stimulate the economy, hopes have risen for a rebound in Japan's trade balance.
However, a report on Monday showed that Japan's current account balance had already moved backed into surplus in February, its first surplus in four months. The surplus of 637.4 billion yen was well down from the year-ago surplus of 1.2 trillion yen but it reversed the 364.8 billion yen deficit in January.
In further good news for Japan on Monday, the Cabinet Office's economy watchers survey showed that the index for current conditions rose to 57.3 in March from 53.2 in February, its fifth consecutive increase. The future conditions index dipped to 57.5 though from 57.7.
In Europe, Germany reported on Monday that its industrial production rose 0.5 percent in February, rebounding from a 0.6 percent fall in January.
However, in a sign that Europe continues to face problems, Fitch warned Portugal on Monday it could downgrade the country's debt rating deeper into junk territory if last week's rejection of austerity measures by its constitutional court disrupts its fiscal repair plans.
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