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In Holiday Mode, Japan Stands Out
Even if Australia, New Zealand, Hong Kong and Europe were not on holiday today, developments in Japan might still have dominated. First Japan reported a record large trade deficit. The JPY1.446 trillion deficit was about 40% larger than economists had expected. It reflects a slump in exports. They are up 1.8% year-over-year. In February, they had risen 9.8% above a year ago levels,and the consensus was for a 6.5% increase. Even this overstates the strength in Japanese exports. In volume terms, exports are only up 0.6% year-over-year. The decline in the yen boosts the value of exports by 10.8%. Imports were up more ... (full story)