Adjusted Trade Balance (JPY) comes in at -704B against -845.8B consensus

Japan’s Adjusted Trade Balance for October 2026 was reported at -704B yen. This figure represents a smaller deficit compared to the consensus expectation of -845.8B yen. The actual print also showed an improvement from the previous month’s -840.6B yen. The release registered a 16.8% surprise relative to the consensus forecast.

Following the release, JPY crosses showed limited movement in the initial 15 minutes. AUDJPY was up +1.5 pips, CADJPY was down -0.1 pips, and GBPJPY was up +0.6 pips. Other pairs saw JPY strengthen slightly, with CHFJPY down -2.1 pips, EURJPY down -1.3 pips, NZDJPY down -5.8 pips, and USDJPY down -1.7 pips. These observed movements are generally small when compared to the typical median 1-hour moves for these pairs, which range from 4 pips for CADJPY to 8 pips for AUDJPY and GBPJPY after past releases of this event.