Japan trade balance for December Y -55.3bn (expected Y -42.3bn)

A miss for the headline data point on Japanese trade in the final month of 2018

Trade balance Y -55.3bn. miss

• expected Y -42.3bn, prior was Y -737.7bn

Trade balance (adjusted) Y -183.6bn, a beat

• expected Y -290.7bn, prior was Y -492.2bn

Exports -3.8% y/y for a substantial miss and the fastest fall in 2 years

• expected -1.8%, prior was 0.1%

Imports +1.9% y/y for a miss also

• expected 4.0%, prior was 12.5%

Exports to:

• US +1.6% y/y
• China -7.0% y/y … this a big contribution to the sharp fall in overall exports
• Asia -6.9% y/y
• the EU +3.9% y/y

And wow, check it the yen doing …. nothing.

ps. ICYMI - BOJ coming up later:

• BOJ statement today, while no change in policy is expected, forecasts will
• What time to expect the BOJ Statement on Monetary Policy today
• A preview of the Bank of Japan monetary policy statement coming up on 23 January
• ANZ's preview of the BOJ meeting
• BOJ is about to cut is inflation outlook