The stats out of Japan put a giant exclamation point on the price illusion caused by inflation. Exports rose 15 percent, imports 30 percent. Back out price effect and exports fell 2 percent, imports unchanged from a year ago. They're paying 30 percent more for the same volume of imports...now the tumbling yen makes perfect sense, right?
It's worse, so much worse on Japan's import side. Total imports were up more than 30% (THIRTY!) yy in March. By value.
— Jeffrey P. Snider (@JeffSnider_AIP) April 21, 2022
Actual quantity imported was 0.0% yy. Zero.
The Japanese paid almost a third more than last year to get the same mostly raw materials. That's going to be bad. pic.twitter.com/6v6XmYSp0S
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