Japan’s merchandise trade figures, released today, showed a reduction in the seasonally-adjusted deficit in June, but the country remains firmly on course to end the year in the red. At the same time, the Ministry of Finance (MoF) has upped its rhetoric by threatening to intervene to stem the appreciation of the yen. A weaker yen would help Japanese exporters but MoF is unlikely to succeed in delivering it while investors seek to escape the euro-zone crisis.
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