Trade balance comes in at a small er than was expected surplus, Y 359bn for December

  • expected Y 535.0bn, prior was Y 112.2bn

Trade balance (adjusted): Y 86.8bn, also a miss

  • expected Y 276.7bn, prior was Y 364.1bn

Exports y/y: 9.3% ... miss ... but a still good performance

  • expected +10.0%, prior was +16.2%
  • Exports to China surge +15.8% y/y, to the US +3% y/y, to Asia +9.9% y/y ...none of those numbers are too shabby at all.

Imports y/y: 14.9% ... beat

  • expected +12.4%, prior was +17.2%

USD/JPY is approaching 110 (again) and this time (to me at least) it looks set for lower ... there may be a bit of work to do but it looks heavy.

With exports still growing questions will mount on why Japan still needs negative interest rates.

(OK, its ' cause inflation is missing target .... yeah, but will Kuroda find a away around this given the improving economy?)