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