Just because we thought it worthwhile to keep track of how out of control things are getting in Japan, a quick summary of this evening’s data. The Japanese trade balance (adjusted) shows a deficit for the 32nd month in a row and has surged to its largest (worst) level on record. It has missed expectations in 5 of the last 6 months. Imports rose more than expected again with a 10.2% MoM gain in imports from the US (and 35% YoY). This massive deficit is before the military spending unveiled last night has hit though one thing is certain, Goldman Sachs will be out with a report any second proclaiming the mythical J-curve about to arrive any moment… The reaction – JPY dumps and NKY explodes higher as bad news is good news in QQE land.
32nd and record monthly trade deficit…
as imports from the US explode…
The reaction
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/4LNms-SvW2o/story01.htm Tyler Durden