Ugly result … As a bit of background, Japanese exports are at risk from the escalating trade war
Trade balance Y -449.3bn ….. big miss
- expected Y -70.0bn, prior was Y +131.3bn
Trade balance (adjusted) Y -302.7bn
- expected Y -48.3bn, prior was Y -283.9bn
Exports +8.2% y/y for a miss
- expected +8.9%, prior was -1.3%
Imports +19.9% y/y … much higher than expected
- expected +14.1%, prior was +7.0%
Exports to the US +11.6% y/y
- Exports to the EU +7.7% y/y
- Exports to China +9% y/y
- Exports to Asia +7.3% y/y
A miss for exports, as a cushion at least they are still up y/y!
Yen not caring too much, as you'd expect. Should be a bearish input for the yen but not much movement.
