Yen Dips vs. US Dollar as Japan's Trade Deficit Widens
- Japan’s Trade Deficit -¥2790.0B in Jan vs. -¥1304.2B Dec
- Imports Surged, Exports Export Growth Missed Expectations
- Soft Trade Data Fuels BOJ Stimulus Expansion Speculation
Japan’s Merchandise Trade Balance deficit widened further in January, coming in at -¥2790.0 billioncompared with - ¥2487.0 billion expected. The report’s details showed exports rose 9.5 percent, falling short of forecast calling for a 12.7 percent increase. Meanwhile, imports jumped 25.0 percent, topping calls for a gain of 22.7 percent.
The Yen lost ground against the US Dollarafter the data crossed the wires. The move may have reflected speculation that the Bank of Japan will further expand stimulus efforts after policymakers opted to extend the Bank’s lending facilities at a policy meeting earlier this week.
USD/JPY (5min Chart)
Chart created using Marketscope 2.0 by Daniel Giardina
Written by Daniel Giardina, any comments, suggestions, or feedback please email email@example.com