Trade balance data for January from Japan Y -645.9bn
- expected y -658bn, prior was Y 140.3bn
Trade balance adjusted: Y119.4 bn
- expected Y 61.6 bn, prior was Y 36.6 bn
Exports -12.9% y/y
- expected -10.9%, prior was -8.0%
- 4th consecutive month of declines in exports
Imports -18.0% y/y
- expected -15.8%, prior was -18.0%
Another poor performance, exports down more than expected, which is not what the BOJ want to see from industry. Difficult for the BOJ to do too much about weak external demand though.
Imports down also, indicative of a weaker than expected economic performance, although low energy prices will be a contributor to this
A look at export performance: Exports to Asia -17.8% y/y
- to China -17.5% y/y
- to US -5.3%
