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USD/JPY caught in central bank crosswinds, BOJ on intervention watch
It’s been a busy day so far for central bankers, especially in Japan and the US. As we noted on Monday, the yen has seen massive safe haven / carry trade unwinding flows over the last two weeks, and as a result, USD/JPY is now falling for its 7th consecutive day to a new 15-month low under the 115.00 level. Unfortunately for the Bank of Japan, the last thing the Japanese economy needs is a strengthening currency driving down inflation and exports further. Things have gotten so bad for the BOJ that some traders are speculating that the central bank will soon intervene in the market by selling yen in an effort to ... (full story)
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