18/02/2026
USD/JPY: Export surge and policy watch shape Yen – BNY
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BNY’s Head of Markets Macro Strategy Bob Savage reports Japan’s exports posted their biggest rise since 2022, yet the Japanese Yen barely reacted, with USD/JPY slightly lower. Trade data show strong demand from Asia and Europe but weaker U.S. exports, while Japan also plans major energy and minerals investment in the United States, underscoring deepening economic ties and potential implications for flows and the Yen.
Stronger exports, muted Yen reaction
"Provisional Japanese trade data for January 2026 show exports at ¥9.19tn, up 16.8% y/y (from ¥7.87tn in January 2025), in the biggest increase since November 2022 (20% y/y)."
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