The real export data produced by the Bank of Japan (and hidden away on their website) is the best way to keep track of what is going on in the most crucial sector of Japan’s economy.
The more popular Ministry of Finance data are not adjusted for export prices, although as it happens, both sets tell the same story for December: that weaker figures the month before were a blip.
It’s still a long way back to 2007 export levels but the recovery trend is very much intact – which is a strong signal for the Q4 GDP numbers due in a few weeks, and for the Japanese economy’s momentum in the first quarter of 2010.
