Japan’s international activity fell by 3.1% year over year in January, the ninth straight month of decline. Yet, that was a slower rate than that seen in Q4 due to the rate of decline in exports slowing to 2.6%. In turn the improved export result was down to higher shipments of materials and a reduced downturn in autos. The latter may be confounded in February by parts shortages resulting from the COVID-19 coronavirus disruptions in China. Similarly, exports to China – which represented 16.5% of the total in January – will likely slow due to reduced industrial demand...