Japanese Yen Declines After Trade Figures Miss Expectations
- 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
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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.