TOKYO: The Japanese yen flat in Asia on Monday after trade data showed a mixed picture with exports up solidly, but imports down more than expected.
USD/JPY changed hands at 121.57, flat, while AUD/USD traded at 0.7810, down 0.18%. EUR/USD changed hands at 1.0989, down 0.22%.
Japan’s trade balance for April reached a deficit of Y53.4 billion, narrower than the Y319 billion deficit seen and exports rose 8.0%, better than the 6.4% increase expected and imports declined 4.2%, more than the 1.5% drop expected.
Markets in the United States are closed for Memorial Day.
On Friday, a mostly upbeat Federal Reserve Chair Janet Yellen said Friday “it will be appropriate” for the Fed to start raising the federal funds rate from near zero “at some point this year” if the economy performs as she expects.
Yellen said she would want to see “continued improvement in labor market conditions” and become “reasonably confident” inflation will move back to 2% “over the medium term” — the same two conditions the Fed’s rate-setting Federal Open Market Committee has listed in its last two policy statements.
