Data is here: Japan Trade balance (January): Y -1086.9bn (vs. expected Y -625.9bn)

  • Exports rose 1.3 y/y against expectations of +5%
  • Imports up 8.5% y/y, vs. +4.8% expected
  • Which brought the balance into that bigger than expected deficit

Bloomberg add:

  • The slowdown in exports seen in January is just temporary and there's no change to the view that Japan's economy is driven by external demand while domestic forces remain weak, according to Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance Co. in Tokyo.
  • "Exports are still on the recovery track," said Kodama. "The global economy is steadily recovering."

And the full piece from Bloomberg is here for more