Data out overnight show that exports from Japan fell in September, by a bigger than expected 5.2 per cent annualised, making this its tenth monthly consecutive fall; imports also fell by 1.5 per cent on trade issues with China and South Korea. The trade balance was in the red by 97 billion yen, roughly where it’s been since May 2018. The Financial Times reports today that after the recent sales tax hike spending in supermarkets in Japan fell by 10 to 20 per cent over the last week, despite a cash rebate available when paying electronically.
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