The Japanese yen lost ground against other major currencies in early Asian deals on Monday, as strong Chinese trade surplus and upbeat U.S. jobs data prompted traders to cut holdings of safe-haven assets.
Data from the General Administration of Customs showed over the weekend that China's trade surplus increased to U$33.80 billion in November from U$31.1 billion in the previous month.
Exports jumped 12.7 percent, while imports were up 5.3 percent.
The Labor Department report on Friday showed that non-farm payroll employment rose by 203,000 jobs in November, beating forecasts for an addition of 180,000 jobs.
With the stronger than expected job growth, the unemployment rate pulled back to a five-year low of 7.0 percent in November.
Japan's gross domestic product expanded 0.3 percent in the third quarter of 2013 compared to the previous three months, the Cabinet Office said in today's revised reading.
That missed forecasts for 0.4 percent and was down from October's preliminary reading for a 0.5 percent increase.
Meanwhile, Japan saw a current account deficit of 127.9 billion yen in October, the Ministry of Finance said today.
That missed forecasts for a surplus of 148.9 billion yen following the 587.3 billion yen surplus in September.
The yen slipped to a 6-day low of 103.23 against the greenback, down from Friday's close of 102.87. The next probable downside target for the yen lies around the 104.00 zone.
The yen reached 168.73 against the pound, its weakest since December 3. This is down 0.4 percent from Friday's close of 168.11. If the yen extends decline, it may seek support around the 169.5 area.
The yen fell to 141.56 against the euro, a level untouched since October 2008. The next support for the yen lies around the 142.5 zone.
The yen was beaten down to a record low of 115.79 against the Swiss franc, compared to last week's closing quote of 115.23.
The yen touched 85.62 against the NZ dollar, a level unseen since April 12. Further downtrend may see the yen targeting support at the 86.5 region.
The yen hit near a 3-week low of 94.16 against the aussie and a 6-day low of 96.95 against the loonie. On the downside, the yen may face support around 95.00 against the aussie and 97.5 against the loonie.
Looking ahead, Swiss jobless rate for November, Eurozone Sentix investor confidence index for December, German trade data, industrial production and Swiss retail sales - all for October are due in the European session.
At 8:15 am ET, Canada housing starts data for November is set for release.
The material has been provided by InstaForex Company - www.instaforex.com