diff --git a/make/py-mod.mk b/make/py-mod.mk
index d3cd9efb..9bc19293 100644
--- a/make/py-mod.mk
+++ b/make/py-mod.mk
@@ -4,7 +4,7 @@ include $(JWBDIR)/make/dirs.mk
 include $(JWBDIR)/make/dev-utils.mk
 
 PY_INIT_TMPL                 = $(wildcard __init__.py.tmpl)
-PY_SED_EXTRACT_EXPORT       ?= /\(class\|def\) ..*\# *export/ !d; s/\(class\|def\) *//; s/[(:].*//
+PY_SED_EXTRACT_EXPORT       ?= /\(class\|def\) ..*\# *export/ !d; s/\(async\)* *\(class\|def\) *//; s/[(:].*//
 
 #leftparen                  := (
 #PY_EXPORT                  ?= $(shell sed '/\(class\|def\) ..*\# *export/ !d; s/\(class\|def\) *//; s/[$(leftparen):].*//' $(PY_SRC_PY))
@@ -18,5 +18,6 @@ include $(JWBDIR)/make/py-rules.mk
 
 __init__.py: $(PY_INIT_TMPL) $(filter-out __init__.py,$(PY_SRC_PY))
 	if [ "$(PY_INIT_TMPL)" ]; then cat "$(PY_INIT_TMPL)" > $@.tmp; else > $@.tmp; fi
-	/bin/bash +H $(JWB_SCRIPT_DIR)/python-tools.sh create-init -m $(PY_MOD) -e "$(PY_SED_EXTRACT_EXPORT)" *.py | tee -a $@.tmp
+	/bin/bash +H $(JWB_SCRIPT_DIR)/python-tools.sh create-init -m $(PY_MOD) -e "$(PY_SED_EXTRACT_EXPORT)" \
+		$(filter-out __init__.py,$(PY_ALL_PY)) $(SUBDIRS_TO_ITERATE) | tee -a $@.tmp
 	mv $@.tmp $@