TRADE, EXCHANGE RATES AND RESERVES Despite an interest-rate
hike, sterling shed 3.1% in trade-weighted terms, thanks to the
Bank of England's hint that it would now hold rates steady. The
yen gained 2.1%. Japan's visible-trade surplus narrowed to $8.9
billion in June; its 12-month surplus grew to $86.1 billion. The
12-month current-account surplus widened in June, to $74.0
billion.