The iShares MSCI Japan Index Fund (NYSEArca: EWJ) was up more than 1% in U.S. trading Wednesday after Japan said exports fell in March as natural and nuclear disasters slowed the economy.

Exports fell 2.2% in March from a year ago, the first decline in over a year.

“It will take time for exports to recover to pre-earthquake levels, given that supply-chain disruptions and electricity shortages are hampering efforts to restore production,” Hiromichi Shirakawa, an economist at Credit Suisse, wrote in a research note Wednesday, The New York Times reported.

“A sharp decline in production after the earthquake may have a larger impact on exports in April and May,” he said.

The Japan-stock ETFs has recovered near its 50-day moving average after selling off in the wake of the March tsunami that crippled nuclear facilities.

Currency exchange traded funds (ETFs) that follow the Japanese yen’s movements relative to the dollar were fractionally higher Wednesday.

iShares MSCI Japan

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.