Abstract
This study presents an analysis of the impact of U.S. merchandise balance of trade announcements with Japan on Japanese yen futures contracts over the period from December 1976 to February 1991. The results of the study suggest that Japanese trade deficit announcements affect the yen/dollar exchange rate to a much greater degree than previous studies have indicated. Evidence is also presented which suggests statistically significant delayed market responses to the informational content of trade releases in the period from December 1976 to May 1984, but not in the most recent time interval from June 1984 to February 1991.
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