As many will be aware, we’ve seen the trade-weighted JPY break to new lows, as USDJPY breaks above 143.0, with bullish breakouts playing out all over the JPY crosses. EURJPY and CHFJPY have both been well traded, with the latter breaking to levels not seen since 1979. Conditions as good as you’ll see for FX carry We know the conditions have been ripe for a one-way JPY move. Recently, we’ve all seen renewed concerns about frustratingly sticky core inflation, and this has led to the RBA, BoC, BoE, and Norges Bank to hike rates by more than expected - the PBoC underwhelmed by cutting its 5-year prime rate by ‘just’ ... (full story)