Japan trade balance for January: Y -1415.2bn (expected Y -1029.1bn)

Japan trade balance for January Y -1415.2bn …. exports way under expected

• expected Y -1029.1bn, prior Y -56.7bn

Trade balance adjusted, Y -370.0bn

• expected Y 150.7bn, prior Y 183.6bn

Exports -8.4% y/y

• expected -5.7%, prior -3.9%

Import -0.6% y/y

• expected -3.5%, prior 1.9%

Exports fell hard, harder than expected and at their fastest y/y since October of 2016

Exports to

• the USA +6.8% y/y
• the EU -2.5% y/y
• China -17.4% y/y
• Asia -13.1% y/y