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The yen’s plunge to a five-year low shows no signs of easing as surging commodity prices have worsened the outlook for Japan’s trade balance and put pressure on the currency’s haven credentials.

The nation is a net importer of a long list of raw materials from crude oil and grains to metals, exposing it to higher costs as prices of all these have risen due to sanctions imposed on Russia over its invasion of Ukraine. Japan posted its sixth straight monthly trade deficit in January, with the shortfall climbing to an eight-year high of ¥2.2 trillion ($18.7 billion). February numbers are due Wednesday.

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