Exports in April fell the most since the 2009 financial crisis as the coronavirus pandemic slammed demand for Japanese cars, industrial materials and other goods, likely pushing the world's third-largest economy deeper into recession.
The ugly trade numbers come as policymakers seek to balance virus containment measures against the need to revive battered parts of the economy as the risk of a second wave of infections looms.
The Bank of Japan will hold an emergency meeting Friday to work out a way to encourage financial institutions to lend to smaller, struggling firms. Policymakers are also considering cash injections for companies of all sizes.