Exports y/y (JPY) comes in at 19.3% against 27.2% consensus

Japan’s Exports year over year came in at 19.3%. This figure was below the consensus expectation of 27.2%. The actual print represents a -29.0% surprise compared to the consensus. The previous month’s reading was 17%.

Following the release, JPY pairs showed limited movement in the first 15 minutes. USDJPY moved -7.6 pips, while EURJPY moved -2.5 pips. AUDJPY saw a -1.0 pip change, CADJPY moved -1.8 pips, GBPJPY moved -1.2 pips, and NZDJPY moved -1.5 pips. CHFJPY registered a +0.1 pip change. These initial movements are generally smaller than the median 1-hour moves observed after past releases, which typically range from 5 pips for CADJPY to 8 pips for AUDJPY, GBPJPY, and USDJPY.