Highlights of the Japanese November trade balance report:
- Adjusted trade balance -3.3B yen vs -206.7B yen
- Exports -3.3% vs -1.6% expected
- Imports -10.2% vs -7.3% expected
The worst way to have a better trade deficit is when imports collapse even harder than exports.
The 3.3% drop y/y in exports is a damning result for Abenomics, aggressive QE and the idea that a weaker currency alone will spark exports.