Japanese Exports Plunge
Imports fell too, but only 14.4%, and that was mostly a result of collapsing (particularly in yen terms) oil prices. As a result of the much lower decline in imports, Japan again posted a trade deficit. The fact that Japan now appears to have a structural deficit even as it has provides low return for capital again suggests that the yen is no longer undervalued, and is in fact likely overvalued. Renewed sell-offs on global stock markets might push it even higher in the short-term, but once we starts to see a recovery, the yen looks set to fall significantly.