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USD/JPY update (20th Apr 2011, 12:00)

A faster-than-expected drop in Japan’s trade surplus for March sent the US dollar higher against the yen.

The Japanese trade surplus dived 79% to $2.37 billion for the month, as the earthquake and tsunami of 11 March hit production and caused a drop in the amount of exports. Economists expect the trade balance to move into a deficit in the coming months as the country imports oil and raw materials to help with reconstruction efforts; a contraction in national GDP is also forecast for April and May, further decreasing the attractiveness of the Japanese yen. Also helping the US dollar was a general recovery in risk appetite, as commodities, equities and riskier assets resumed their upward march thanks to the brighter US outlook provided by the improvement in US corporate earnings.

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USD/JPY update (20th Apr 2011, 12:00)

A faster-than-expected drop in Japan’s trade surplus for March sent the US dollar higher against the yen.

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