Forex Pros – The U.S. dollar rose against the yen on Wednesday, erasing much of Tuesday's losses, ahead of key data on the U.S. trade balance and as worries over the euro zone's sovereign debt crisis abated somewhat. USD/JPY hit 92.94 during European morning trade, gaining 0.31%. The pair was likely to find support at 87.95, Thursday's low and a 5-month low, and resistance at 94.99, Thursday's high. Also Wednesday, a senior official in Japan's Ministry of Finance was quoted as saying the ministry sees greater advantage in relying more on longer-dated bonds given present low bond yields. "We plan to prolong the maturity of debt as much as possible this fiscal year," Masaaki Kaizuka, director of debt management for the ministry, said in a private sector-sponsored seminar, Reuters reported. The yen slumped versus the euro and sterling, meanwhile, with EUR/JPY advancing 0.8% to reach 118.27 and GBP/JPY jumping 0.81% to reach 139.69. Later in the day, the U.S. Bureau of Economic Analysis was due to publish a key report on the U.S. trade balance, the difference in value between imported and exported goods. Japan's Cabinet Office was also scheduled to publish its monthly Leading Indicators index, a composite index based on 12 economic indicators.

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