Trade balance data from Japan for July 2023, along with Machinery orders for June.

  • exports fell for the first time in 29 months

Exports to:

  • China -13.4% y/y
  • the US +13.5% y/y
  • the EU +12.4% y/y

I think you can see the problem, right? China's economic stumble out of COVID-zero reopening is impacting globally, not just locally.

Japan machinery orders and trade balance July 2023