It has not been a banner day for good economic data, both Japan and China disappointing
- China January trade balance (USD terms): exports -11.2% and imports -18.8% y/y
- China customs comments - expects exports to improve in Q2
- China Trade balance (January): CNY 406.2bn (expected +389.01bn)
- Japan Q4 GDP: -0.4% q/q (expected -0.2%)
On Japan, comments from Junko Nishioka, chief economist at Sumitomo Mitsui Banking:
- "Private consumption is especially weak. The economy is at a standstill"
- "It's a matter of time before the BOJ and the government will take additional stimulus measures"
- ... predicts the BOJ will ease policy again as early as next month
More at Reuters, with the scary headline: Japan economy shrinks more than expected, highlights lack of policy options