Today was published statistics on the trade balance of Japan, whose deficit in the last month totaled 0.28 trillion yen against the forecast of 0.45 trillion yen and 0.15 trillion yen in February. During the year, exports to Japan fell by 6.8%, which was 0.1% better than expected. Exports to the US, which is the largest purchaser of Japanese products fell by 5.1%, marking the first decline in two months. It is worth noting that the Bank of Japan continues to declare its readiness to fight against speculation, which has led to the strengthening of the yen. According to our forecasts, the potential for strengthening of the yen is low, but we do not exclude further growth in demand for the yen in case of decrease on the stock markets and falling oil prices.