Japan reports worse than expected trade balance numbers – BBH

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Delhi) – Research Team at BBH, note that Japan's trade balance was worse than expected in September as it posted a JPY114 bln deficit.

    Key Quotes

    “A small surplus was expected. Exports rose a mere 0.6% compared with expectations for a 3.8% increase. In volume terms, exports have fallen nearly 4%. It is hard to see how so many people think a 3.5% decline in the Chinese yuan will help boost their exports while a much larger decline in the yen has failed to boost the volume of Japanese exports.”

    “It is also noteworthy that the volume of Japan's oil imports rose 1.1%, despite the weakness in the domestic economy. In value terms, oil imports are off 44%. These trade figures do not alter our expectation that the BOJ stands pat next week.”
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