Chart of the day - Japanese trade and the yen
The credit crunch was a sea change event in our view; Japan's string of surpluses has morphed into trade deficits. Granted oil imports have played a big role of late, but we think it goes deeper than that. There is an increasing probability the export-oriented growth model that has served Asia so well is dead.
Market Vitals | 16 August 2012 [http://blackswantrading.squarespace.com/storage/market-vitals/081612_mv_japanchart.pdf] ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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