Japan starting to slow

3:13 AM Japanese exports -
10.3% Y/Y in September vs consensus of -9.6% for the biggest drop since May 2011. Imports +4.1% vs +2.9%. Trade deficit ¥558.6B vs ¥547.9B for the first September shortfall since 1979.

Exports to China -14.1% as the East China Sea islands row takes a toll. Sales to EU -21.1%, to U.S. +0.9% vs +10.3% in August.