Japan’s export boom accelerated in August, with an 18% growth rate on a year earlier being the fastest since November 2013 and well ahead of economists’ forecasts. That shouldn’t be a surprise given the improved sentiment seen in the most recent Tankan survey. Chemicals was the fastest growing major sector at 20%, while non-ferrous metals have lagged with growth of “just” 8%. The boom may have a policy cost. While Japan’s trade surplus vs. the U.S. on a trailing 12 month basis is broadly unchanged at 6.7 trillion yen ($59.8 billion), in August it was 50% higher than a year prior. That ma...
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