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Yen Firms Early Doors

JPY

USD/JPY is weaker in the first part of trade. The pair is back to 128.40/45, -0.35% below the NY close. Lows were at 128.35, while we weren't too far away from 129.00 at the start of the session. Recall NY session lows came in just under 127.60. The rest of the G10 is range bound so far today.

  • The Japan headline trade deficit was slightly better than expected, -1448.5bn yen, versus -1670bn yen forecast. We are up comfortably from the August lows of -2825bn yen. This is in line with better terms of trade backdrop since then.
  • There was less improvement in the adjusted figures though from a deficit standpoint, while Dec exports fell 3.5% in m/m terms.

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