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9 Oct 2013
Flash: Japan’s flows signal weakens for the Yen? - Nomura
FXstreet.com (London) - Yujiro Goto, strategist at Nomura said that Japan flows point to further JPY weakness.
Key Quotes:
“Japanese flow data released today show continued JPY weakening pressure from Japan flows. August balance of payments data suggest a smaller-than-expected current account surplus”.
“The seasonally adjusted current account surplus inched up to JPY352bn (USD3.5bn) from JPY334bn the previous month, but the surplus was much smaller than consensus expectations (JPY634bn). Trade deficits remain high (JPY738bn) while the income account surplus declined”.
“By contrast, the FDI balance remains a net outflow to the tune of JPY499bn (USD5.0bn). The outflow slowed from July when it was the largest ever (JPY3.6trn), but it remained bigger than the current account surplus.”
Key Quotes:
“Japanese flow data released today show continued JPY weakening pressure from Japan flows. August balance of payments data suggest a smaller-than-expected current account surplus”.
“The seasonally adjusted current account surplus inched up to JPY352bn (USD3.5bn) from JPY334bn the previous month, but the surplus was much smaller than consensus expectations (JPY634bn). Trade deficits remain high (JPY738bn) while the income account surplus declined”.
“By contrast, the FDI balance remains a net outflow to the tune of JPY499bn (USD5.0bn). The outflow slowed from July when it was the largest ever (JPY3.6trn), but it remained bigger than the current account surplus.”