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Japan reported their worst monthly export number in 4 years today. Japanese exports came in at down -1.7% year over year for the month of June. On the global growth front, this is one of the worst economic data points I have on my sheets for this week.

Obviously this reminds us that Asia has slowed. But what does this tell us about governments that opt to bail out their banks and devalue their currency? The Japanese economic narrative is not one that Ben Bernanke should aspire to have his name associated with.

It’s time for the US to raise interest rates.
KM