JAPANESE EXPORTS PLUNGE

Japan fish market

Photo: Jay Yarow/Business Insider

Japan’s October trade balance report is out.Exports fell 6.5 per cent, which was much worse than the 4.9 per cent decline expected by economists.

Exports to China plunged 11.6 per cent.  Exports to Europe sank 23.5 per cent.

Imports fell just 1.6 per cent, which was lower than the 3.2 per cent decline expected.

The trade deficit narrowed to 549 billion yen, which was still wider than the 360 billion yen deficit expected.

All eyes are on Japan’s economic data ahead of the country’s election in December.  Economists expect an extremely dovish Shinzo Abe to become Prime Minister.

On the tail of the trade report, the yen fell to 81.41 against the dollar.  This is the lowest level since April.

Here’s a look at the yen against the dollar over the past few days.

yen

Photo: FinViz

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