Japan data - January exports fall but not as much as expected

Trade balance data from Japan for January Y -1312.6bn

• expected Y -1984.8bn, prior Y -154.6bn

trade balance adjusted Y -224.1bn

• expected Y -550.3bn, prior Y -102.5bn

exports -2.6% y/y, negative but a beat nonetheless

• expected -7.0%, prior -6.3%

imports -36.6% y/y … ugly miss

• expected -1.8%, prior -4.9%

Yen does nothing. (USD/JPY wiggled in about a 3 pip range …