Today was published statistics on Japan's balance of payments the surplus of which totaled 1.3 trillion yen, which was 0.11 trillion better than analysts' expectations and worse than 1.64 trillion in May. In the first half-year the surplus was 8.18 trillion. It is worth noting that due to the positive dynamics of this indicator, the balance of payments for the first time rose to the levels before the accident at the nuclear power station on March 11, 2011. The positive impact on the indicator had falling oil prices, the growth of tourism and the increase in income from investments abroad. Despite this, we expect a continued fall of the yen in the medium term.