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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.

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