Japan Nov trade balance -379.7B yen vs -449.7B yen expected

Highlights of the Japanese November trade balance report:

• Adjusted trade balance -3.3B yen vs -206.7B yen
• Exports -3.3% vs -1.6% expected
• Imports -10.2% vs -7.3% expected

The worst way to have a better trade deficit is when imports collapse even harder than exports.

The 3.3% drop y/y in exports is a damning result for Abenomics, aggressive QE and the idea that a weaker currency alone will spark exports.