With exports up 9% but imports up a massive 25% YoY, Japan’s Trade balance pushed to its largest deficit on record. This is the 2nd largest drop in the trade balance on record – beaten only by March/April 2011 (the Tsunami and Fuskushima). The miracle of the J-Curve (the hoped for recovery in exports that will come any minute now from the devaluation of the currency) is simply non-existent!! We love the smell of GDP downward revisions in the morning… Foreigners sold Japanese stocks for the 4th week in a row for the first time in 16 months.
via Zero Hedge http://ift.tt/1murD1M Tyler Durden