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Yen Gains Against Majors After Major Economic News

20:21, 7th August 2012

(RTTNews) - The Japanese yen traded higher against major rivals after the releasing of some major economic reports in early Asian deals on Wednesday. According to a report released by the Ministry of Finance, Japan saw a current account surplus of 433.3 billion yen in June- down 19.6 percent on year.

That topped forecasts for a surplus of 415.4 billion yen and a 24.9 percent annual contraction after showing a surplus of 215.1 billion and a 62.6 percent plunge in May.

The trade balance reflected a surplus of 112.0 billion yen, down 13.7 percent on year. That missed expectations for a surplus of 114.9 billion yen following the downwardly revised shortfall of 941.0 billion yen in the previous month (originally -848.2 billion yen).

The Bank of Japan reported today that Bank lending in Japan was up 1.0 percent on year in July, standing at 396.424 trillion yen.

At 8:05 pm ET, the yen climbed to 78.57 against the US dollar, 97.26 versus the euro, 80.98 against the Swiss franc and 122.66 versus the British pound, compared to yesterday's close of 78.61, 97.48, 81.16 and 122.81, respectively.

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