Japan data due today – Trade balance for February coming at 2350 – preview

Japan data due today – Trade balance for February coming at 2350 – preview

A summary of the preview via Capital Economics, they are wary of Chinese New Year distortions in the Japan data

  • export and import values have slowed in recent months
  • stronger yen exchange rate has reduced the yen-value of shipments, most of which are invoiced in foreign currency

First twenty days of the month:

  • fall in export values
  • jump in imports

preliminary figures will be less useful than otherwise … strongly affected by …  timing of the Lunar New Year … these distortions fizzled out towards the end of the month

Have pencilled in a small rise in export values

  • also think that import values didn’t surge quite as sharply as the preliminary data indicate. 
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