Japanese export growth slowed to its lowest rate in three years, as a stronger yen and slackening shipments to Asia raised concern that the country’s export machine might be grinding to a halt. Export growth for Taiwan and Thailand also slowed under the influence of the weakening dollar and US economy.

The 2.3 per cent year-on-year rise in Japanese exports in March, coupled with an oil and commodity-led 11.1 per cent jump in the country’s import bill, sent its trade surplus down 30 per cent to Y1,100bn ($10.6bn, €6.7bn, £5.4bn), well below the consensus forecast.