Exports y/y (JPY) comes in at 19.3% against 21.2% consensus

Japan’s Exports year over year came in at 19.3%, according to data released today. This figure was below the consensus expectation of 21.2%. The actual print also marked a decline from the previous period’s 23.2%. The surprise against consensus was -9.0%.

Following the release, JPY pairs generally moved lower against the quoted currencies. Fifteen minutes after the data, AUDJPY was down 10 pips, CADJPY was down 9.8 pips, CHFJPY was down 8.9 pips, EURJPY was down 11 pips, GBPJPY was down 17 pips, NZDJPY was down 11 pips, and USDJPY was down 9.1 pips. For context, the median 1-hour move for these pairs after past releases ranges from 5 pips to 8 pips. The current moves for GBPJPY and NZDJPY are approaching or exceeding their respective top-quarter historical moves of 13+ pips and 12+ pips. Other pairs are showing moves that are generally in line with or slightly above their median historical 1-hour moves.