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Japanese Yen Stumbles as Current-Account Deficit Trumps Expectations

Japanese Yen Stumbles as Current-Account Deficit Trumps Expectations

Eric Andersen,

THE TAKEAWAY: Japanese Annualized GDP Shrinks 0.7%, Current-Account Deficit Widens to ¥437.3 billion > Surprised by the Deficit Jump, Traders Move Away from Yen > USDJPY Jumps

Japanese_Yen_Stumbles_as_Current-Account_Deficit_Trumps_Expectations_body_Picture_5.png, Japanese Yen Stumbles as Current-Account Deficit Trumps Expectations

Data released by Japan’s Ministry of Finance showed the nation’s current-account deficit expanded to a record low of 437.3 billion Yen in the month of January. The Economic and Social Research Institute also published data that revealed a 0.7 percent decline in the country’s gross domestic product (GDP), narrowly missing analysts’ expectation of a 0.6 percent drop.

Though the Japanese GDP fell slightly below forecasted, analysts were mostly surprised by the large deficit increase. Since markets expected only a 320 billion Yen deficit, traders rebalanced their portfolios away from the Yen. The USDJPY peaked as high as 81.351 following the data releases.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.