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20 Jun 2013
Flash: Japanese exports surprising to upside - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note Japanese exports are surprising some observers to the upside.
Looking back at yesterday´s data, they note that contrary to claims by some Japanese and foreign observers, the fact of the matter is that Japan's exports as a percent of GDP are more in line with the US (mid-teens) than Germany, Switzerland, Finland, Sweden and China (40-50%). They write, “Japan's exports rose 10.1% from a year ago. The market had been expecting about a 6.5% increase after 3.8% in April. Imports rose 10%, not the 11% the consensus was expecting.”
Looking back at yesterday´s data, they note that contrary to claims by some Japanese and foreign observers, the fact of the matter is that Japan's exports as a percent of GDP are more in line with the US (mid-teens) than Germany, Switzerland, Finland, Sweden and China (40-50%). They write, “Japan's exports rose 10.1% from a year ago. The market had been expecting about a 6.5% increase after 3.8% in April. Imports rose 10%, not the 11% the consensus was expecting.”