Yen Top Forecaster Halts Sell Call as Oil Cuts Japan Deficit
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The best forecaster on the yen says he hasn’t recommended selling the Japanese currency in a few months as lower oil prices provide solace for Japan’s deteriorating trade balance.
Jens Nordvig, managing director of currency research at Nomura Holdings Inc., said Japan’s trade deficit will drop by $100 billion a year if oil stays around $50 a barrel. The deficit was at 894 billion yen ($7.6 billion) in November, a 29th straight month of shortfall, and crude has slumped more than 45 percent since the end of October to $44.70 today.