Thursday saw the monetary unit of Japan lose value to each of its major rivals as a consequence of Bank of Japan officials indicating they are likely to intervene anew as the body prepares to convene late next week, Bloomberg reports.
A report showed Japan last month had a trade deficit after having a surplus in March 2011.
"Exports to the United States grew but shipments to China remained weak, so Japanese exports will struggle unless China, which is Japan's biggest export destination, achieves economic recovery," chief economist Takeshi Minami with the Norinchukin Research Institute in Tokyo told Reuters, noting oil price spikes boosting costs of raw materials have made life and times more challenging for manufacturers. "These indicators will further back up calls for monetary easing by the Bank of Japan."
Since Tuesday, the Pacific Rim nation's monetary unit has lost 1 percent of its value against the U.S. dollar.
This past March saw exports from the nation gain as compared to March of 2011, according to Reuters. That marks the metric's first advance in six months.
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