Forex: USD/JPY rises on mixed economic data from China and Japan

Written by: Violina Todorova
July 24, 2013 Wednesday July 24th:_ The greenback has risen against the yen in today’s Asian session, to a current intraday high at 99.92.

Japan’s Merchandise Trade Balance and annualised readings for exports and imports, all for June, were released by the Ministry of Finance at 00:50 BST today.
The merchandise trade balance was reported as a deficit of ¥180.8 billion, the 12th consecutive month of red ink, albeit well down on May’s revised deficit of ¥996.4 billion.
Exports for June annualised rose 7.4 percent, missing expectations for a 10.3 percent rise and down from May’s 10.1 percent.

Imports climbed 11.8 percent in June y/y, below the forecasts for a 13.6 percent rise, after a revised 10.1 percent in May.
Exports to China, one of Japan’s largest trading partners, rose 4.8 percent in June from a year earlier, well down on May’s 8.3 percent rise and a further sign that China’s slowing growth is hurting demand for Japanese goods.

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