And for tonight's menu of disastrous Japanese economic data, we have (drum roll please)... Auto sales. Overall auto sales fell 9.1% YoY to 333,471 - the lowest in 3 years. Minicars dropped a stunning 15.1% YoY according to the Japanese auto dealers association. The response - rather obvious by now - to this terrible news... a 35 pip vertial ramp in USDJPY which can mean only one thing - the Nikkei 225 rallied 150 points... On a side note, following disappointing PMIs, China fixed the Yuan at 4-month lows.
Car Sales collapse....
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So buy stocks and sell JPY...
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The driver for this latest exuberant ramp appears to be an unprecedented surge in cash earnings YoY with the biggest beat of expectations in over 10 years...
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Charts: Bloomberg
