Japan’s trade deficit has widened to JPY 621.84 billion in July, data showed, from JPY 61.33 billion in July of 2023.
In comparison, market consensus had pointed to a shortfall of JPY 330.7 billion.
Total imports went up 16.6% year-on-year to a 19-month high of JPY 10,241,008 billion in July.
At the same time, Japan’s total exports rose 10.3% year-on-year to a 7-month high of JPY 9,619.17 billion in July.
The Japanese Yen was 0.61% weaker on the day against the US Dollar, with the USD/JPY currency pair last trading at 146.144.
The USD/JPY pair briefly slipped below the closely monitored 145 mark, as US 10-Year Treasury yields hit their lowest level since August 5th.
Back then, bond yields registered a more than 1-year low after soft monthly employment data triggered fears of a recession.
Meanwhile, Fed Chair Powell’s remarks on Friday at the Jackson Hole economic symposium will be closely examined for any hints on the likely size of a rate cut in September and if interest rates are likely to be reduced at every subsequent FOMC policy meeting.
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