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Japanese Yen Brushes Off Trade Data Before Falling at TSE Open

Japanese Yen Brushes Off Trade Data Before Falling at TSE Open

Daniel Dubrovsky, Strategist

Talking Points

  • The Yen was little changed against its major peers following Japanese trade balance figures
  • August’s trade balance was ¥243.2 billion versus ¥116.5 billion expected and ¥613.9 billion in July
  • Shortly afterwards, the anti-risk Japanese Yen declined as Nikkei 225 futures rallied at TSE open

Keep an eye on short-term trends for Japanese Yen crosses using the Grid Sight Index (GSI) here.

The Japanese Yen showed a reserved reaction to better than expected trade balance figures. The data showed that the nation’s balance was ¥243.2 billion in August versus ¥116.5 billion expected and ¥613.9 billion in July. In other words, the nation sold more goods abroad than it imported.

Last month, the Bank of Japan announced a major change in its stimulus regime. The central bank will likely follow through with a wait-and-see approach to monitor the impact of the new program. Taking this into consideration, traders may have judged that the trade data had a minor impact on near term policy bets, accounting for the Yen’s tepid reaction.

Shortly after the data crossed the wires, the Tokyo Stock Exchange went online following a positive day on Wall Street. Simultaneously, Nikkei 225 futures rallied alongside other Japanese stocks and equities. This saw the anti-risk Yen declining across the board.

Japanese Yen Brushes Off Trade Data Before Falling at TSE OpenJapanese Yen Brushes Off Trade Data Before Falling at TSE Open

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

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