The Japanese yen has resumed its meltdown, falling victim to widening rate differentials and rising energy costs. Despite the currency trading at levels that prompted FX intervention last year, Japanese authorities don’t appear so concerned this time, which suggests that another round of intervention is some distance away. For this dynamic to change, USD/JPY would need to approach the 150 region in a hurry. It has been another bruising year for the Japanese yen, as the forces that devastated the currency after the pandemic came back into play. Interest rate differentials have been the primary driver. In sharp ... (full story)