日本贸易逆差再创新高，暗示日元的持续走低可能对日本经济形成负面影响。外汇市场上，日元兑美元自去年11月中旬以来的暴跌态势可能受到制约。

Japan's trade deficit with China hit a record high,Suggests that the yen could decline for the Japanese economy to form negative impact.On the foreign exchange market,The yen against the dollar since mid-november plunging momentum may be constrained.

　　日本财务省本周稍早公布的数据显示，日本1月份的出口达4.7992万亿日元，同比增加6.4%，进口达6.4286万亿日元，同比增加7.3%。1月贸易逆差为1.6294万亿日元，较上月增加9885亿日元，创下历史新高。尽管日元贬值对日本出口形成提振，但进口增加更多让日本贸易未能实现顺差，暗示安倍依靠日元贬值刺激外贸增长的效果有限。

Japan's ministry of finance according to data released earlier this week,Japan in January, exports amounted to 4.7992 trillion yen,An increase of 6.4%,Imports up to 6.4286 trillion yen,An increase of 7.3%.Trade deficit in January of 1.6294 trillion yen,Is an increase of 988.5 billion yen last month,Hit a record high.Despite the yen formed to boost exports to Japan,But imports more let Japan's trade surplus unfulfilled,Suggest that Mr Abe to stimulate growth of foreign trade depend on the yen limited effect.

　　分析认为，日本贸易数据暗示在原材料价格持续上涨的情况下，日元的贬值反而可能对日本经济形成打击。而外汇市场上，日元兑美元自去年11月中旬以来的暴跌态势可能受到制约。当然，鉴于日元的利空因素(譬如日本央行人选确定、安倍晋三的经济刺激政策全面落实)并未完全兑现，预计未来日元还有进一步下跌的空间。总体上看，日元汇率未来可能进入一个慢速贬值的通道。

Analysts say,Japan's trade data suggest that in the case of raw material prices continue to rise,The yen's depreciation may instead hit to Japan's economy.The foreign exchange market,The yen against the dollar since mid-november plunging momentum may be constrained.Of course,,In view of the negative(Such as the bank of Japan for sure/Shinzo Abe, the full implementation of the stimulus policy)Has not completely fulfilled,Expect the yen still has room to fall further in the future.On the whole,The yen could enter a slow decline.

　　美国商品期货交易委员会(CFTC)22日公布的头寸报告显示，日元投机性净空头合约张数减少4585至65891张，显示投机者继续看空日元的意愿有所减弱，所谓的“安倍交易”可能已经逐渐失色。

The commodity futures trading commission(The CFTC)The positions according to a report published by the 22nd,The speculative net short contract number decrease from 4585 to 65891,Show speculators continue to bet against the yen will wane,The so-called"Mr Abe trades"May have been gradually.

　　【新闻背景】

[News background]

　　日本财务省20日公布的数据显示，日本1月份的出口达4.7992万亿日元，同比增加6.4%，进口达6.4286万亿日元，同比增加7.3%。1月贸易逆差为1.6294万亿日元，较上月增加9885亿日元，创下历史新高。

According to Japan's ministry of finance announced Wednesday,Japan in January, exports amounted to 4.7992 trillion yen,An increase of 6.4%,Imports up to 6.4286 trillion yen,An increase of 7.3%.Trade deficit in January of 1.6294 trillion yen,Is an increase of 988.5 billion yen last month,Hit a record high.