Yen pushes lower against the dollar despite narrow trade data

The yen weakened against the US dollar on Wednesday despite a narrower than expected trade gap for November in Japan.

Trade data for November showed a deficit of ¥891.9 billion, narrower than the expected ¥1.001 billion.

Concerns dominated financial markets due to fears of a financial crisis in Russia, in light of foreign sanctions and the effect of the  drop in  oil prices.

Investor’s focus is on the US dollar ahead of the Federal Open Market Committee meeting on monetary policy and interest rates expected later today.

USD/JPY gained 0.85% at 08:13 GMT, trading at 117.42.