We may have this centrally-planned, currency-debasement driven economic stimulus thing backwards, but unless we are very wrong, in January, Japan was not supposed to post a record unadjusted trade deficit, amounting to some ¥1,628.4 billion, or nearly ¥300 billion more than the expected ¥1,379 billion deficit. And while exports did rise more than the 5.6 expected, at 6.4%, it was imports which printed at 7.3%, that destroyed expectations of a modest 2.1% rise, and which were likely all energy related. Which means that Japan is happily importing the rest of the world's inflation and getting precisely nothing to show for it. Then again, the central planners are smart folks. They have PhD's. They are certainly on top of this.
And as Bloomberg's Michael McDonough notes, the chart below showing Japan power generated by nukes, is certainly not helping the trade balance.