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.