JAPAN DATA: The Bank of Japan says its November real export index
dropped a seasonally adjusted 2.7% m/m to 114.9 (100 for the 2005 base
year), 2nd consecutive m/m fall, after -4.6% in October and +3.4% in
September. November reading was lowest since 110.0 in May. Meanwhile,
the BOJ’s real import index fell a seasonally adjusted 1.8% m/m to
107.9, the first drop in two months, after +4.5% in October and -1.6% in
September. The BOJ calculated the indexes based on the unadjusted
November trade data released by the Ministry of Finance earlier today,
which showed -4.5% y/y in exports and +11.4% in imports. The BOJ export
index hit a recent bottom of 77.6 in February 2009 following the
collapse of Lehman Brothers in September 2008.