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Japanese Yen Continues Lower After Trade Balance Miss

Japanese Yen Continues Lower After Trade Balance Miss

2017-06-19 00:40:00
David Cottle, Analyst
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Talking Points

  • The Japanese Yen was already giving back some ground to the US Dollar
  • That process continued but did not accelerate notably after some weaker trade data
  • The breakdown showed no obvious weakness, but exports came in below elevated expectations

Get live, expert coverage of all major market events which could move the Japanese Yen at the DailyFX Webinars

The Japanese Yen continued to slip against the US Dollar Monday following news of a surprise trade deficit in May.

The trade balance was -JPY203.4 billion ($1.83 billion) that month, according to official figures. That was hugely below the JPY43.3 billion surplus which markets had expected.

That said the data breakdown was more positive. Imports increased by a chunky 17.8% annualized, while exports slightly underwhelmed. They rose by 14.9% where a gain of about 16% had been expected.

Still, this is hardly an export collapse. Indeed exports to all of Japan’s major client areas were up quite strongly. Those to China rose 23.9%, to the European Union 19.8% and to the US 11.6%.

The numbers won’t have any impact on the prognosis that ultra-loose Japanese monetary policy will be with us for a good while yet, a prognosis underscored somewhat by Bank of Kapan Governor Kuroda’s disinclination to discuss any exit from it when he met the press last week.

Sure enough, currency impact was minimal. USD/JPY continued to inch higher in the wake of the data, but it had been drifting upward in any event.

Japanese Yen Continues Lower After Trade Balance Miss

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

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