USD/JPY Moves to 95.80 Before Kuroda Briefing

The yen climbed, paring yesterday’s slide, after a report showed Japan’s trade deficit narrowed more than forecast and as markets await Haruhiko Kuroda’s first press briefing as central bank governor.

Japan’s currency traded 1 percent from a 3 1/2-year low versus the dollar after Kuroda told reporters he would talk about monetary policy at a news conference at 6 p.m. in Tokyo. New Zealand’s dollar advanced against all of its major peers following reports showing its economy expanded faster than predicted and manufacturing growth outpaced estimates in China.

“The yen got a bit of a bounce from the trade deficit being narrower than expected,” said Takahiro Nakano, a Tokyo- based senior strategist at Mizuho Trust & Banking Co., a unit of Japan’s third-largest bank by market value. “Longer term, market expectations for policy easing from the new Bank of Japan (8301) continue, keeping pressure on the yen to weaken, just not at the pace we’ve seen over the past several months.”


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