Japan's trade deficit almost doubles Y/Y to ¥549B ($6.7B) in October, well above consensus of ¥360B. Exports -6.5% to ¥5.15T, shipments to China -11.6% due to the islands dispute, to the EU -20.1%, and to the U.S. +3.1%. Imports -1.6% to ¥5.7T. Mizuho economist Norio Miyagawa is optimistic despite the figures. "I believe Japan's exports will recover gradually as the U.S. and Chinese economies are picking up," Miyagawa says.