If anyone needs another measure of just how bad consumer spending ‘really’ is one only has to look at data released tonight by the Japanese Government.
JAPAN – JANUARY MERCHANDISE TRADE BALANCE: -Â¥952.5BÂ (PRIOR -Â¥322.3B)
- Exports: -45.7% (biggest drop on record)
- Imports: -31.7%;
- Exports to US: -52.9%; US Trade Surplus: ¥132.8B (-75.3% y/y)
- Exports to Asia: -46.7%; Asia Trade Deficit ¥562.7B (+60.7% y/y)
- Coal imports -8.7%
- Crude imports -8.0%
This data really puts a whole new perspective on just how bad the American consumers & businesses truly are.
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