Japan’s exports dropped 10% in August to their lowest since January 2014, according to official figures. This was significantly worse than the 5% fall expected by economists, and is the result of continued strength in the yen. Panjiva data shows the 14.5% drop in exports to the U.S. included a 7% drop in volumes, possibly meaning bad news for the automakers ahead. Exports to China fell 9%, probably continuing a trend in lower oil product exports shown in July.