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.