Japan trade data for October, exports down y/y, not as bad as expected

Japan trade balance for October Y 872.9bn

• expected Y 300bn, prior Y 688bn

Trade balance adjusted Y 314.3bn

• expected Y 117.4bn, prior Y 475.8bn

Exports -0.2% y/y

• expected -4.5% y/y, prior -4.9%

Imports -13.3% y/y

• expected -8.8% y/y, prior -17.4%

Imports are a horror show but exports much improved from September and not as bad as expected.