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Japanese Yen Declines After Trade Figures Miss Expectations

Japanese Yen Declines After Trade Figures Miss Expectations

Christian Lewis, Contributor

Talking Points:

  • The Yen declined against the US Dollar following poor Japanese trade balance figures
  • January’s trade balance was -¥1086.9b vs -¥625.9b expected and ¥640.4b previously
  • February’s FOMC minutes serve as top event risk for USD/JPY in the week ahead

See how retail traders are positioning in the majors using the DailyFX SSI readings on the sentiment page.

The Japanese Yen fell against the US Dollar as trade balance figures missed expectations. The data showed the nation’s trade balance for January was -¥1086.9b versus -¥625.9b expected and ¥640.4b recorded in December. This indicates that the nation sold fewer goods than it imported.

While there was an initial USD/JPY climb, the excitement seemed to dwindle rather swiftly as these figures have limited implications for BOJ monetary policy. With a rather quiet week ahead, the release of February’s FOMC meeting minutes will serve as top event risk for the USD/JPY pair.

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