Research Team at BBH, notes that Japan reported better than expected January trade data.
"Exports came in at -12.9% y/y vs. -10.9% expected, while imports came in at -18.0% y/y vs. -15.8% expected. The adjusted surplus was JPY119.4 bln vs. JPY61.6 bln consensus. During the North American afternoon Wednesday, Japan press quoted Prime Minister Abe as ruling out further stimulus for now. This contradicts earlier reports that stimulus could be seen at the March BOJ meeting. That took some steam out of the bounce in USD/JPY, and the pair is struggling to move back above 114. Still, given the improvement in risk sentiment seen this week, we think it should be trading above 115."