Japan November trade balance: Y -737.3bn (expected Y -630.0bn)

Trade tensions and slowing global demand weighing on exports

Trade balance: Y -737.3bn for a miss

• expected Y -630.0bn, prior was Y -450.1bn

Trade balance (adjusted): Y -492.2bn miss

• expected Y -274.9bn, prior Y -302.7bn

Exports +0.1% y/y miss

• expected 1.2%, prior was 8.2%

Imports +12.5% y/y beat

• expected 11.8%, prior was 19.9%

Exports to:

• the US +1.6% y/y
• the EU +3.9%
• China +0.4%
• Asia -1.9%