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Yen Rises as Japan’s Trade Gap Narrows Before Kuroda Briefing

The yen rose against the dollar, snapping a decline from yesterday, after Japan’s trade deficit narrowed more than economists forecast and as markets await Haruhiko Kuroda’s first press briefing as central bank governor.

Japan’s currency appreciated versus all except one of its 16 major counterparts after Kuroda told reporters he would talk about monetary policy at a news conference at 6 p.m. in Tokyo. The euro fell against the dollar after Cypriot President Nicos Anastasiades met advisers to draft a new plan to stave off financial collapse. Euro-area manufacturing and services output both contracted in March, economists said before a report today.

“There are two big events coming up, the European output data and the speech by the new governor of the Bank of Japan,” said Niels Christensen, chief currency strategist at Nordea Bank AB in Copenhagen. “The new governor’s speech will be scrutinized and if he doesn’t hint at anything then there may be some disappointment for the market and the yen may strengthen.”

The yen rose 0.2 percent to 95.80 per dollar at 8:40 a.m. in London after sliding 0.9 percent yesterday. Japan’s currency gained 0.5 percent to 123.56 per euro. The euro declined 0.3 percent to $1.2897.

The yen has fallen 7.4 percent this year, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-market currencies, amid speculation the new BOJ leadership will heed Prime Minister Shinzo Abe’s call for additional monetary easing. The euro gained 0.7 percent and the dollar strengthened 3.3 percent.

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