Japan Exports: Drop Forecast and Dollar Trading

japan exports: The reading came in worse than a 9.4% drop forecast by economists polled by The Wall Street Journal, according to Market Watch. Japanese stocks were supported Monday by a continued fall for the yen USDJPY, -0.12% with the dollar trading just below the 111 level. Japan Nikkei NIK, 0.31% closed up 0.8%, Hong Kong Hang Seng Index HSI, -0.01% gained 0.1%, and the Shanghai Composite SHCOMP, -0.22% rose 0.8%. Moving in the other direction, Australia S&P/ASX 200 XJO, 1.31% closed down 0.2% and Korea Kospi SEU, 0.23% was down 0.4%. Japan exports fell 10.3% in October from a year earlier, figures released Monday by the Ministry of Finance showed. Emerging Asian currencies were broadly lower against the dollar, with outflows continuing as traders moved cash to higher-yielding U.S. assets. The outflows will just get bigger, said Heng. The Korean won KRWUSD, -0.410249% was off 0.2%, the Philippine peso PHPUSD, -0.237584% was down 0.3%, the Indonesian rupiah IDRUSD, -0.48896172% lost 0.1%, and the Malaysian ringgit MYRUSD, 0.2540% slipped 0.1%. Heng Koon How, a foreign currency strategist for Credit Suisse, said that after Donald Trump was elected U.S. president, pledging to implement reflationary policies, yields have surged in the U.S. and money has continuously exited emerging Asia. (news.financializer.com). As reported in the news.