Japan trade balance for September Y 675.0bn
expected Y 975.6bn, prior Y 248.6bn
Trade balance adjusted Y 475.8bn
expected Y 854.3bn, prior Y 350.6bn
Exports -4.9% y/y perform worse than expected
expected -2.6% y/y, prior -14.8%
Imports -17.2% y/y, a terrible result but not as bad as was expected
expected -21.5% y/y, prior -20.8%
Exports to China were +14.0% y/y
- to the US +0.7% y/y
- to the EU -10.6% y/y
Yen is barely responsive. After opening a little stronger in early hours here yen has seen some selling, counter to the flows into more 'risk' oriented assets. Trump made some positive noises on stimulus and continued with a promise of vaccines being just around the corner. He is speaking at a campaign rally
so its best toake his comments with a grain of salt.
