Japanese Yen Mixed Against Majors Following Record Decline in Exports

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Published: Wed, 25 Mar 2009 12:41:50 +0100

Japanese Yen Mixed Against Majors Following Record Decline in Exports

(CEP News) - The Japanese yen is mixed following a record decline in the country's exports and some commentary from central bank and government speakers.

Japanese exports fell 49% to ¥3.526 trillion in the 12 months to February, its strongest slide on record as imports contracted a record 43% year-over-year to ¥3.443 trillion. As a result, the country posted an ¥82.4 billion trade surplus in February, despite expectations for a ¥20 billion deficit and previous ¥956.9 billion deficit.

Bank of Japan Governor Masaaki Shirakawa told lawmakers the country is not slipping into a deflation spiral.

Japanese Finance Minister Kaoru Yosano, meanwhile, said that selling foreign exchange reserves would have a negative impact on the market.

And Bank of Japan Deputy Governor Hirohide Yamaguchi said further monetary policy easing is possible and that the situation will remain severe for some time.

Data taken at 7:35 a.m. EDT.

USD/Yen down 0.27 points to 97.59

Euro/Yen up 0.05 points to 131.86

CAD/Yen down 0.21 points to 79.23

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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