Futures Market News
Yen drops following weak export data
Oct 22, 2012 04:49 PM
Monday saw the Japanese yen fall for an eighth consecutive session against the world's reserve currency, pulled down by underwhelming export data from the nation hosting the globe's third-largest economic system, according to Bloomberg.
Not since 2004 has the yen marked eight-straight losses to the U.S. dollar. A report noting Japan's shipments dropped the most since the early March 2011 earthquake and subsequent tsunami prompted market participants to closely watch the Bank of Japan for additional intervention.
"The yen will continue to weaken against the dollar. We think it's inevitable. This is based on higher yields in the U.S than in Japan," foreign-exchange strategist Sireen Harajli with Credit Agricole in New York told Bloomberg, also noting there are enhanced expectations for the central bank to act.
Seiji Maehara, economy minister of Japan, publicly inquired about additional stimulus from the Bank of Japan, which also harmed the yen's performance against all 16 of its major rivals. The yen slipped to its lowest in more than three months against the U.S. dollar.
Japan notched its third straight trade deficit in September, trumping the forecast of $7.2 billion, according to The Wall Street Journal.
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