The USD/JPY pair is falling for the ninth consecutive trading session with short pauses; the market is processing the statistics from Japan.
On Wednesday, the Japanese Yen continues growing against the USD. The current quote for the instrument is 111.30.
The Balance of Trade in February increased up to ¥0.68TR after being ¥0.20TR and against expectations of ¥0.55TR. the largest contribution was made by the Export.
In general, the Export in February expanded by 11.3% y/y after adding 1.3% y/y the month before. Expectations were very positive, but the actual reading exceeded them. It’s pretty interesting that the Export improved in all directions simultaneously: the Export to Asian countries increased by 20.9% y/y, to the USA – by 0.4% y/y, to China – by 28.3% y/y. the current readings are the highest over the last couple of years. At the same time, seasonally adjusted value of the Balance of Trade in February was the strongest since spring 2010.
The Japanese Import in February added just 1.2% y/y after expanding by 8.5% y/y in the previous month. Partially, it may also explain the numbers of the Balance of Trade.
Most likely, the winter weakness of the Yen made additional contribution to expansion of the Export.
RoboForex Analytical Department