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19 Dec 2013

Flash: Japan's record trade deficits to continue - Nomura

FXstreet.com (Bali) - According to Yujiro Goto, FX Strategist at Nomura, record trade deficits in Japan are set to continue for now.

Key Quotes

"The Japanese trade balance worsened further in November. The seasonally adjusted trade deficit was JPY1,346bn (USD13.5bn), wider than the consensus forecast (JPY1,198bn) and marking the 33rd consecutive monthly deficit. This is the largest seasonally adjusted trade deficit ever."

"High energy prices and strong import volumes, partly from rush demand before consumption tax hike, are likely to depress the trade balance for the time being."

"Over the past six months, the seasonally adjusted trade balance deteriorated by JPY6.3trn in annualized terms, and both the increase in import volumes and the deterioration in terms of trade contributed to wider trade deficits, while export volumes improved the balance slightly.

"Import volumes are expected to remain high by end-March, due to rush demand before the consumption tax hike. While energy price movements are also important, we expect the trade deficit to remain at currently high levels until March."