Japan trade data for November 2022: Both exports and imports fall sa m/m (up y/y) | Forexlive

The SA m/m results:

• Seasonally adjusted exports -1.3% month/month
• Seasonally adjusted imports -5.3% month/month
• Seasonally adjusted trade balance -1732.3 bln yen

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• Exports +20% year/year (Reuters poll: +19.8%)
• Imports +30.3% year/year (Reuters poll: +27.0%)
• Trade balance -2027.4 bln yen (Reuters poll: -1680.3 bln yen)

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Exports to Asia +11.6% year/year

• To China +3.5% year/year
• To the US +32.5% year/year
• To the EU +32% year/year

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USD/ JPY is little changed. Its more responsive to developments re the Federal Reserve and Bank of Japan, specifically on how the divergence between policy its progressing. There is some speculation that the BOJ may tighen policy a touch once Bank of Japan Governor Kuroda ends his term in April of 2023.