A slump in exports and unexpected rise in imports led to a ¥775.3 billion trade deficit in August, much larger than the ¥218.8B expected.
Exports climbed just 2.8% y/y compared to the +8.0% expected while imports surged 19.2% versus the 14.0% consensus. It’s the first trade deficit in three months.
A drop in USD/JPY to 76.35 came on the news but the pair bounced off that level for the third time in the past several hours.
