The Yen and (NYSE: FXY) continued to strengthen as Japanese exports rose for the first time in 15 months, a further sign of the recovery in global trade.
Sales abroad climbed 12.1% y/y in December , well above the 7.6% expected, and compared with a -6.3% drop in November.
While the number clearly benefited from the annual comparison as December 08 saw a 35% collapse in exports, the figures still emphasize that Asia is the driving force behind Japan’s, and the world’s, trade recovery.
The USD/JPY has met resistance at the 50 day moving average, and as risk aversion remains, the USD/JPY will continue to head lower.
