2014.04.2023:01:00UTC+00Yen Falls As Japan Trade Deficit Widens More-than-forecast

The yen lost ground against other major currencies in Asian deals on Monday, as Japan's trade deficit widened more-than-forecast in March.

The data from the Ministry of Finance showed that Japan posted a trade deficit of 1.45 trillion yen in March, wider than forecasts for 1.08 trillion yen shortfall. In the previous month, the trade deficit was 802.5 billion yen.

Imports were 18.1 percent in March, while exports rose to 1.8 percent.

The yen depreciated to 102.65 against the greenback for the first time since April 8. This is down by 0.3 percent from Friday's closing quote of 102.37. If the yen extends slide, 103.5 is seen as the next support level.

The yen weakened to a 5-day low of 141.73 against the euro, compared to last week's closing quote of 141.38. On the downside, the yen may face downside target around the 143.00 zone.

The yen declined by 0.3 percent to hit near a 3-week low of 172.37 against the pound. The pair was worth 171.92 when it closed deals on Friday. The yen is likely to seek downside target at the 173.00 area.

The yen fell to 116.24 against the franc, its lowest since April 17. The franc-yen pair traded at 115.86 at last week's close. Further bearish trend may see the yen finding support around the 117.00 zone.

The yen reached as low as 93.14 against the loonie, which is down from Friday's closing value of 92.83. The yen may challenge support at the 94.00 zone.

The yen that closed last week's deals at 95.50 against the aussie and 87.77 against the kiwi hit 4-day lows of 95.76 and 88.13, respectively. The yen is likely to find support around 96.4 against the aussie and 89.00 against the kiwi.

Looking ahead, U.S. leading indicators for March is due in the New York session.