For the 19th month in a row, Japanese Imports plunged - dropping 24.7% YoY (worse than expected), the biggest drop since Oct 2009. Exports were just as dismal, also missing expectations, plunging 14.1% YoY - worst since Oct 2009. The biggest driver of the collapse of Japanese trade was a 44% crash in the Chinese trade balance.

There's no lipstick to put on this pig... it's a disaster.. and worse still Yen is strengthening back below 100 against the USD.

Charts: Bloomberg