Gold Silver Reports (GSR) – Japan Exports Surprisingly Weak on Stronger Yen, Trade War Fears — ✅ Exports are weak, and the big factor is the weakening momentum in global manufacturing, said Hiroaki Muto, chief economist at Tokai Tokyo Research Center. “I now see a possibility it could be worse than a soft patch,” with today’s data indicating exports may be weakening as a trend.
✅ The trade balance is likely to shrink in coming months as the stronger yen continues to weigh on exports while rising oil prices push up imports, Muto said.
✅ “I think this confirms that the economy slowed at the start of the year,” according to Masaki Kuwahara, senior economist at Nomura Securities. “Considering trends in global demand, I don’t think exports are going to slow down further from here.”
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✅ “There’s obviously lots of volatility related to the Chinese New Year, so it’s a bit difficult to read too much into the latest numbers,” said Marcel Thieliant, senior Japan economist at Capital Economics Asia. The slower growth is “basically due to the stronger yen, which is reducing the yen value of exports and imports invoiced in foreign currency,” he said. – Neal Bhai Reports (NBR)
