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Forex Flash: Japan’s non-energy trade picture also worsens - Nomura

Richard Koo, Chief Economist at the Nomura Research Institute sees that aside from energy, the trade picture in Japan is worsening.

He starts by looking at the Yen, and notes a number of factors have come to the fore in recent weeks. One noted here on previous occasions is the transformation of Japan into a trade deficit nation in both name and substance. He writes, “A look at the nation’s balance of trade shows not only an increase in energy-related imports following the shut down of nuclear reactors around the country but also a sharply smaller trade surplus in non-energy categories.” he believes that this is evidence of the damage to Japan’s global competitiveness caused by the yen’s rise to 75 against the dollar post Lehman.

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Nick Bennenbroek, Head of Currency Strategy at Wells Fargo notes that the U.S. dollar is stronger against most G10 currencies and weaker against most emerging currencies, while broader financial markets are showing some recovery from yesterday’s weakness.
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Forex Flash: RBA on hold but with a dovish statement – BBH

Brown Brothers Harriman analysts note that the RBA left rates on hold as expected, and issued a dovish statement.
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