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JPY breaks to new lows as trade deficit soars

FXStreet (London) - The Yen resumed its downwards trajectory, helping to push the Nikkei up overnight.

Preliminary data released by the Japanese finance ministry showed that Japan recorded a record low first half current account surplus for the half year ending September. Japan’s expanding trade deficit pushed the surplus up to JPY2.024.

Increasing foreign investment failed to keep up with the trade deficit, despite rising 1.4 percent to JPY9.149 trillion half-on-half.

Japans trade deficit widened to JPY4.397bn. Imports were lifted by increased liquefied natural gas demand – up 6.7 percent to JPY40.564 trillion. Exports failed to keep check, up 5.5 percent to JPY36.167 trillion.

September marked the third month on the bounce of current account surplus at JPY963bn.

USD/JPY managed to break to new seven-year highs at JPY116.01, currently trading at JPY115.75, up 0.77 percent on the session.

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