Japan's export engine still stalled.

Exports in January saw a 46% YoY drop and another 10% MoM fall. Cumulative decline since Sep is 36%. Sure imports are down sharply too - off 33% since September, but this is more price than volume so there is still the negative impact on real GDP.

Every region is getting hammered. Asia -47% YoY, US -53%, Europe -46%. Every product also hammered. Transport equip -54% YoY, electric machinery -47%, general machinery -41%.

Is it any wonder industrial output is crashing - those figures for January will be out on Friday.