Japanese exports have disappointed expectations for 6 of the last 7 months. June saw exports drop 2.0% (versus an expectation of a rise of 1.0%). This is the first consecutive month drop in exports since Dec 2012 (before Abenomics was unleashed). Despite eysterday’s incessant bullshit from various BoJ member about the economy being on track for receovery etc. the adjusted trade balane has now been in deficit for 39 months in a row with June’s unadjusted trade-deficit dramatically worse than expected at JPY822billion.