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Forex pairs in this Article » (Barcelona) - Richard Koo, Chief Economist at the Nomura Research Institute sees that aside from energy, the trade picture in Japan is worsening.

He starts by looking at the Yen, and notes a number of factors have come to the fore in recent weeks. One noted here on previous occasions is the transformation of Japan into a trade deficit nation in both name and substance. He writes, "A look at the nation's balance of trade shows not only an increase in energy-related imports following the shut down of nuclear reactors around the country but also a sharply smaller trade surplus in non-energy categories." he believes that this is evidence of the damage to Japan's global competitiveness caused by the yen's rise to 75 against the dollar post Lehman.
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