JAPAN DATA: The Bank of Japan’s real, seasonally adjusted export index
fell 1.7% m/m to 115.0 in November (against 100.0 for base year 2005),
the fourth straight monthly decline, according to BOJ data released
Wednesday. The data underscore the impact that weak foreign demand and
the strong yen are having on the Japanese economy, The export index
is down 7.1% since peaking at 123.8 in July. The BOJ calculated the
real, seasonally adjusted index based on the unadjusted November trade
data released by the Ministry of Finance earlier today. The export index
hit a recent bottom of 76.5 in February 2009, after the collapse of
Lehman Brothers in September 2008. In contrast, the real, seasonally
adjusted import indexrose 1.2% m/m in November to 103.4, the first rise
in five months.