Dollar gains against yen on weak Japan data; focus on Ukraine
Published on Apr 22, 2014 4:30 AM
NEW YORK (REUTERS) - The dollar rose to a two-week high against the yen on Monday after Japan posted a record trade deficit in the fiscal year ended in March, though tensions in Ukraine were likely to limit losses on the safe-haven Japanese currency.
The greenback is up seven straight sessions versus the yen, while the euro touched a two-week peak against the Japanese currency. Many European markets are closed due to the Easter Monday holiday, leaving market volumes low.
The yen fell after Japanese exports in March grew at just 1.8 per cent compared to a year-ago, versus forecasts for a 6.3 per cent gain.
The country's trade balance stood at a deficit of 1.446 trillion yen in March, after a record trade gap of 2.79 trillion yen in January. That marked a record 21-month run of deficits. "The weak trade figures suggested that sooner or later Tokyo may have to resort to bolder monetary policies to keep the economy on the right track," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
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