A big miss for exports in the Japanese trade balance data for Sep.

Y -123.0bn

  • expected Y 54.0bn, prior Y -143.5bn

Trade balance adjusted Y -97.0bn

  • expected Y -178.1bn, prior Y -116.7bn

exports -5.2% y/y

  • expected -3.6% y/y, prior -8.2%

imports -1.5%

  • expected -1.5% y/y, prior -11.9%

Some pretty poor results … and an improvement from August!

By country/region …. exports to the US -7.9% y/y

  • to China -5.7% y/y
  • to Asia -7.8% y/y
  • to the EU -0.4% y/y

Yen is barley changed on the data, and for the day so far 9and thus the week)