Just another stat for the Japan inventory. Higher oil import costs outweighed encouraging export growth and sent Japan’s trade surplus reeling downwards - an 80% drop in August y-o-y. Hrad to know how to read this yet. My advice: await more data.
The sharp fall shows the impact higher oil prices could have on Japan’s economy in spite of its relative energy efficiency. It was the fifth straight monthly contraction in the trade surplus.
Economic officials have consistently warned in recent weeks that continued high oil prices pose one of the main threats to Japan’s sustained but fragile recovery.
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