The price of the Japanese yen continued to decline despite the positive trade balance deficit which in October was 0.98 trillion yen, against the expected 1.02 trillion. The important factor is that Japan's exports rose by 9.6% against the forecasted growth of 4.5% and the previous figure 6.9%. Export volume reached 2008 levels, and its growth was the largest since February this year. It is worth mentioning that Japan is an export-oriented country and reducing of the Japanese yen, as well as stimulating policy of the Bank of Japan supports the growth of exports. Despite this, we maintain a medium-term negative outlook for the yen and expect further decline.