A key exception to this pattern of broad stability is Japan,
which displays some evidence of disconnect.
Export growth has been weaker than expected,
despite substantial exchange rate depreciation.
However, this weak export growth reflects a number of Japan-specific factors that have partly offset the positive impact of yen depreciation on exports and that do not necessarily apply elsewhere.
These include, in particular,
the sharp acceleration in production offshoring since the global financial crisis and the 2011 earthquake,
which created uncertainty about energy supply.