The correlation between USD/JPY and the Nikkei is changing, notes Australia and New Zealand Banking Group (ANZ). "The correlation of levels has been coming off sharply. The correlation of levels is at its lows for the year, and the lowest since Abenomics became a realistic prospect in November 2013," ANZ finds outs. "Overall this supports the unfolding divergence between the two series in Figure 3. The Nikkei is towards the top of its recent trading range, while USD/JPY is towards the lower end. This is an important observation given the prevalence of Nikkei watching in the foreign exchange markets. As such, the broad ... (full story)