As discussed earlier, the yen (and the yuan, and the euro, and pretty much every non-USD currency) is in the midst of a steep sell-off, but - as Bloomberg's Simon White warns - when the trend turns, underlying processes are primed to see it rise significantly. As we pointed out this afternoon, the Japanese currency is on course for its weakest annual performance versus the dollar since at least the 1960s... {chart} ... and as White notes, on the surface the reason is simple: the Federal Reserve is raising rates aggressively while the Bank of Japan is keeping them ultra-low. But the underlying processes are less ... (full story)