Bullish on JPY – Danske Bank

Danske Bank analysts observe that, despite Japan’s trade balance deficit for the first time in 31 years, other balances show a stronger economy than perceived, as the income balance reaches 3% of GDP and overall current account in 2011 was of 2.2%.

The decline in the trade balance also masks a significant decline in Japanese investor outflows and a surge in short-term inflows to Japan”, says Bilal Hafeez, analyst at Danske Bank, pointing to a strong JPY versus the USD and EUR

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