Japanese February Trade balance was likely distorted by the Chinese New Year and its impact on exports.

Comes in at: Y 34.0 bn ... a miss on the surplus size

  • expected Y 89.1bn, prior was Y 944.1bn

Trade balance (adjusted): Y -201.5bn .... a miss with a larger than than expected adjusted deficit

  • expected Y -90.8bn, prior was Y 373.3bn

Exports: +1.8% y/y ... a bit higher than was the conseuse estimate

  • expected +1.4%, prior was +12.3%

Imports: +15.5% y/y, a little smaller than expected

  • expected +16.0%, prior was +7.7%

Not reading too much into these due to LNY.

Usdyen offers clustered around 106.50, Japanese exporters notable there

  • Bids 105.50 (real money interest)

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For background on this release, check this out