Japan's trade deficit hits record-high of JPY1.6 trillion

It's way higher than expected.

According to OCBC, trade deficit reached a record-high of JPY 1.6tn in January, higher than the estimated JPY 1.4tn, on the back of strong energy imports. "This data has once again weighed on the JPY, which had earlier found support from comment by Finance Minister Aso that signaled no plan for the government to purchase foreign bonds," OCBC said.