Japan Trade Gets Better, Meaning Worse

By |2014-11-20T11:35:28-05:00November 20th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

The October trade deficit for Japan turned out to be the “best” month since June 2013. While commentary has been quick and sharp about an export-led recovery path, actual analysis of what is taking place would lead to the opposite conclusion. This is revealed by simple geography. A full part of the problem starts with context, in that a ¥710 [...]