Adam Cole, Head of G10 FX Strategy at RBC Capital Markets, notes that Japan’s current account has stabilised in large surplus in recent months.
“The expectation for the November data tonight (JPY1.5trn) would be consistent with the surplus remaining at 3.5-4.0% of GDP. Tonight’s data will also shed some light on the recent liquidation of overseas bond holdings by Japanese investors (though the sales really gathered pace in December and January, which we won’t see for another month or two).”
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