mercredi 22 mai 2013

Le Japon enregistre son pire déficit commercial jamais réalisé, sur fond de hausse du coût des importations et d'exportations qui ne repartent pas

Cf Delamarche hier qui explique qu'on assiste en direct au suicide du Japon...

BoJ Ignores Worst April Trade Deficit Ever - Suggests "Economy Has Started Picking Up"
ZeroHedge, 21/05/2013 (traduire en Français texte en anglais )
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Surging nominal imports and a miss for exports just about sums up perfectly just how the reality of Abenomics is crushing the real economy as the market goes from strength to strength on the hope that recovery is just around the corner. For the 28th month in a row Japan trade deficit has dropped YoY and its 12-month average is now at its worst ever. Energy costs are driving up imports (and adjusted for the devaluation in the JPY, the data is simply horrendous. Of course, there are green shoots - CPI is not deflating as fast as it was... and 'some' inflation expectations are rising (though as we noted here that is simply due to the tax expectations). Contrary to expectations held by some in the bond market, the BOJ did not comment on the sharp fluctuation in JGB yields since April as a result of monetary relaxation - on the basis, we assume, that if they don't mention it, it never happened.



There was a particularly prominent rise in the value of mineral fuel imports (LNG, etc.)

Export volume was still negative in April

2 commentaires:

  1. Une dévaluation ne peut pas avoir un effet immédiat, il faudra attendre quelques mois.

    Mais si une dévaluation ne fonctionne pas, alors plus grand chose n'a de sens (et ce n'est pas impossible).

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  2. La monnaie s'enfuit, les dettes restent.
    Endettés = esclaves.

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